Global iron ore prices have witnessed an increase of USD 2/MT in a day. Currently, prices for Fe 62% Australia fines prices are at USD 78/MT, CFR China on 09 Jan’17.
Prime reason behind increase in prices was surge in iron ore futures. There was movement in trading as well as restocking activity. Trading activities was good after future surges. Port material also sold at higher prices.
In addition, the restart of operations in Tangshan city also lifted prices.
Market participants believed this week large volumes of iron ore may get transacted as mills will go for restocking after holidays.
Today, Dalian Commodity Exchange was at 571 Yuan (USD 82.6/MT), up by 33 Yuan (USD 4.80/MT) from yesterday’s closure.
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