China market reopens positive after a week long holiday. Iron ore prices previously gained momentum in the swap market and looks positive in the physical market as well after Rio Tinto and BHP showed a possible break up.
Today is the first day of Chinese back to market after National Holiday. On back of the supply shortage from India, iron ore physical price remained solid. A 63.5/63 Fe cargo was heard traded $152-$153 /MT CFR today.
TSI index continued to rise, printing out at $144.1. Platts went up $2 to $145. The shanghai steel future rallied this morning with Oct .contract trading at 4291rmb, up by almost 1.5%. However, Nov and Dec swap price softened a bit yesterday from the previous trading day. Dec and Q1 traded $139.5 and $141 respectively.
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