Spot prices of iron ore in China might gain momentum after China reopens on 8th Oct 2010. Exporters based in India are bullish on demand of iron ore in China looking at Rio Tinto and BHP possible break up.
The iron ore physical price remained firm. A 63.5/63Fe cargo was heard traded $151 yesterday from East India. TSI index shot up 1.84% to $144 yesterday.
The swap price kept the strong momentum with Nov and Dec trading at $142 and later on $143. Qct was done $142, $0.5 higher than the previous trade. Q1/Q2 spread traded at $4 (level of $138.5 for Q1 and $134.5 for Q2).
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