Spot Iron ore rose to reach its highest in nearly a month as
spot prices gained for a 12th day in a row, with firmer steel prices China encouraging
more buying of the raw material and helping it recover from last month's slump.
Iron ore with 62 percent iron content climbed nearly 6 percent
to $146.30 a tonne on Tuesday, the highest since Oct. 19, according to the
Steel Index.
Offer prices for cargoes from Australia went up $2-$3/MT. Australian
Newman iron ore fines increased $3 to $148-$150 a tonne and Pilbara fines were
also quoted $3 higher at $144-$147, Umetal said. The prices include freight
cost.
BHP Billiton sold Newman fines at $149.20/MT at a tender on
Tuesday, while Rio Tinto sold Pilbara fines at $144.50, also at a tender,
traders said.
Limited availability of spot cargoes has also been supporting
the current run-up in iron ore prices, with Indian exports restrained by
logistical problems and higher production costs. Offers for Indian fines also
went up with exporters quoting Fe 63.5/63 at $149-150/MT (CNF CHINA).
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