Thursday, Aug 04,
Spot iron ore in China trades higher on tight supply from India. Traders believe the prices to sustain long as Chinese steel prices do not seem to collapse.
Offers for Fe 63.5/63 of Indian fines lie in between $187-188/MT, i.e. up by $1-2/MT from the previous quotes.
Export from India’s southern Karnataka state, which have been on hold, are unlikely to resume anytime soon despite the appointment of a new chief minister on Wednesday.
According to traders in China, “The market is very active right now. Problems in India and good steel demand in China are combining to push prices higher. We think the price can go up to $195 with the current level of activity and as long as Chinese steel prices don’t fall sharply”
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