With spot iron ore prices rebounding back sharply in last few days amid stimulus package announced by Chinese government. Spot prices have gained back $15-18 in last few trading sessions and sentiments seem to be positive for coming days.
Australian and Brazilian miners continue to float their cargoes in Chinese market though Indian exporters prefer to wait and watch. Sources report that there are not many offers from Indian counterparts.
“There is limited cargo available on Indian ports also exporters anticipate further hike in coming week before Chinese goes shut on national holiday. We expect Indian 63.5/63 Fe iron fines might trade somewhere in levels of $118/t CFR.” said Mr Hudson, iron ore trader based in Qingdao port.
Leave a Reply