Seaborne iron ore prices in Chinese spot market find some strength on sharp increase in domestic steel prices, which rose by almost 50-60 Yuan.Iron ore prices continue to move up on strong demand from traders. Local sources report that prices have strengthen on anticipation of further increase in spot prices and demand is primarily coming from traders, steel mills are still cautious making purchases.
Iron ore prices moved up by almost $3-4 per tonne as Australian 61% fines was heard to have concluded at around $117/t CFR China and Australian 62.7 New man fines was concluded at around $120/t CFR. Indian 63% Fe fines also moved up to $116-117/t CFR China, however Indian exporters mention that prices are still way below cost of purchase.
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