Spot iron ore prices in China continued with its uptrend today also. Fe 62% fines index which was seen at USD 71/MT, CFR China yesterday climbed up sharply by USD 3.2/MT today and was assesed at USD 74.2/MT, CFR China.
Strengthening futures markets also led to surge in prices both in seaborne market as well as in domestic market.
Some of the market participants anticipate that iron ore index may touch USD 75/MT, CFR China amid sharp increase in coal prices and strong iron ore demand from Chinese steel mills.
Trade-wise:
An Australian miner sold 170,000 tonnes of Fe 61% fines with laycan 12-21 Dec’16 via tender at USD 73.39/MT, CFR China. Similar cargo was sold yesterday at USD 70.63/MT, CFR China.
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