Spot Indian iron ore prices move up to $152-153/t CFR China on restocking before winters and hopes of recovery in Chinese economy.Although many iron ore traders based in China comment that prices have moved up more than expected and at these levels steel mills are reluctant to stock aggressively.
“Prices have moved up sharply on restocking before winters start in February. We feel that further upside is limited as production falls during that season in China.” said an iron ore trader based.
Indian 63.5/63 Fe heard to be offered at Rs 4,600-4,700/t Delivered Vizag Port in small quantities.
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