There is some rebound seen in Chinese spot iron ore market after 20 days when buyers bid higher for Australian cargo by $ 2 per tonne.Local traders report that with Chinese govt planning to speed up infrastructure projects there is a ray of hope in the market.
“Chinese buyers secured Australian cargo at $2-3 higher on rise in steel futures which gained over 3% this morning.Certainly there is some hope that government projects will improve market sentiments and we can see some re bound in prices as well.” said Mr Hudson, a Chinese trader based in Qingdao port.
Australian 58% Fe fines was sold at $81/t which was sold at $79/t in last tender.
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