Spot iron ore prices move up amid limited supply of iron ore fines from Brazilian miners. Prices moved up by $2-3 per tonne said market traders.
Although many experts do not think this rise in prices will hold for a long time.
“There was some mill interest, but it was slowing because they were at the end of their buying cycle for the pre-Lunar New Year period.End-user demand remained lackluster compared with more robust trader buying, alluding to concerns prices could fall as quickly as they had risen.Demand from mills for iron ore is really not there, and only a handful of traders are buying seaborne material at such high prices.” said Mr Hudson, an iron ore trader based in Rizhao port (China).
Indian 63.5/63 Fe iron fines touch $126-127/t CFR.
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