Spot iron ore prices in China remain high on rising steel
production & firm construction demand.
But a drop in China's steel futures for a second day on
Friday could take some gloss off the upward momentum in prices of iron ore.
Indian exporter Essel Mining sold Fe 63.5/63 grade iron ore
at $189/MT this week, the highest so far for the grade in recent months and low-grade 58 fines is heard being traded at $141
FOB
Global miner BHP Billiton also sold three cargoes comprising
62-grade Newman iron ore fines and 58-grade Yandi fines at $183 and $159/MT,
respectively, this week.
“We still expect iron ore prices to be supported by
tight supplies from India. There still aren't much new offers from both Indian
traders and miners. Although a
resistance might be seen at $190/MT but prices are unlikely to correct soon”,
said an iron ore trader in Shanghai.
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