Spot iron ore prices in Chinese market
continued to move up on low stock inventories at steel mills and improving
steel prices in Chinese domestic market. Local traders highlight that steel
prices have recovered about 50 Yuan and also buying interest from traders have improved
resulting in increase in spot iron prices.
An Australian cargo of Fe 62% was concluded at
around $116/MT higher by $2 from last trade on GlobalOre, another South African
cargo of 60% was sold at around $106/MT CFR China.
In Indian domestic market trade
activities improved slightly, exporters look to stock before monsoons, however
offers and bids have still large variations. An exporter looking to buy 56% cargo at around Rs 2,600/MT delivered Vizag port, how ever no offers have been heard made at these levels.
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