Spot iron ore prices inched up further amid rise in billet and steel futures. Also few big plants have increased their offers for November delivery said market sources.
Traders remain bullish on future outlook and expect prices might move up in coming weeks. Brazilian 63.5 Fe fines was concluded at around $118/t CFR and few other cargoes from Australian suppliers also fetched higher bids.
Indian exporter heard to have concluded 63.5/63 at around $119/t CFR, although there is no official confirmation from any exporter.
With Indian currency falling back to one month low of 53.78 against USD, exporters are certainly going to capitalize on it.
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