Spot iron ore prices in Chinese market showed further gains on positive steel futures on Shanghai Exchange. Sources tell that iron ore imports to China have gained substantially since January 2011.
Indian 63.5/63 Fe fines inch up to $123-125/t CFR, where as Australian and Brazilian cargoes moved up by $1-2 per tonne from last deal.
“Market is quite active from last few days on rising steel prices in domestic market and easing iron ore inventories on Chinese ports. We expect prices to go up further in coming weeks.” said Mr Hudson, an iron ore trader based at Rizhao port.
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