Jan 5, 2011,
Spot prices in China saw sudden rise and prices went up to $180/MT as supply got limited from Australian miners due to heavy rainfalls. Chinese buyers have no other option but to buy ore at higher prices from Indian miners.
Another factor is duty hiked by Iran govt on exports of Iron ore, Iran supplies significant amount of Ore to China.
Indian exporters are expecting further increase in Spot Iron Ore prices in China as steel prices have also seen upward movement and Chinese buyers look to stock material before winter approaches and logistics become a issue.
” We have sold a cargo at $180/Mt for 63.5/63 Fe on CNF basis( Including cost and freight) and prices are likely to go further up looking as number of queries from Chinese buyers.” said an Indian exporter based in Mumbai.
Reported by Richa Sharma (richa@steelmint.com)
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