Seaborne Iron ore prices in Chinese market up by USD 3/MT on Tuesday after Billet prices in China rose by RMB 50/MT (USD 8/MT) in last two trading sessions. Chinese traders have also raised prices by RMB 10-30/MT for stock lying at ports.
A Chinese trader based in Rizhao Port stated, “Iron ore prices have gone up in spot market by USD 3/MT owing to decrease in stock at ports, which has fallen to below 100 MnT, though Chinese re-stocking generally take place in January.”
Last week, Iron ore prices have slumped to a fresh five and half years low on the background of an uncertain outlook for demand and rising supply mainly from Australia, which accounts for around half of the total Iron ore traded by sea.
A tender of 110,000 MT Australian fines (Fe 62%) was sold through GlobalORE at USD 71.5/MT for February delivery and USD 71/MT for January delivery.
Till 30 Dec’14
Leave a Reply