Spot iron ore inches up by $1; 63.5/63 at $151-152 CFR

Spot iron ore prices in China inched up by $1 on improved sentiments from Chinese importers. 63.5/63 FE cargo reaches $151-152/t CFR.

Market traders report SteelMint that a large Indian miner was able to fetch $151/t for 63.5/63 from Indian east coast last week and now quotes have been increased to $151-152/t , CFR.

” There are more low grade cargoes available on East coast of India. Traders have raised their offers by Rs 50-100/t on improved prices and weak rupee.

54% Fe iron fines is offered at Rs 2600/t (F.O.R Vizag), where as 58% Fe iron fines was heard trading at Rs 3200/t (F.O.R Vizag).” said a trader based in Vizag.

INTERNATIONAL MARKET

Newman fines Fe62.7% and Yandi Fines Fe57.5%. A Chinese steel mill secured these cargoes concluding at $149.70/t and $135.50/t respectively. 

Both these prices are slightly higher, with Newman last trading at $149.30 and Yandi $135.30.