Spot iron ore prices in China have seen an uptrend after BHP sold its cargoes at higher prices in spot market.
BHP sold 110,000 tonnes of Newman iron ore fines at $151.16/t, including freight, and another 110,000 tonnes of Yandi fines at $136.5/t, sources said.
Spot 63.5/63 Fe inches up to $153/t, where as Indian exporters are bullish and expect prices to go up further on rising steel prices in China.
It is also reported that Indian cargo of 59% was concluded at $ 136/t including cost and freight.
But it will be too early to comment whether spot prices will sustain at these levels as traders and Chinese mills are preferring to buy from the stock lying at Chinese ports rather than placing fresh orders, said sources.
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