Hike in Spot iron ore prices is owing to end-users expected to restock inventory before the October national holidays amid tightening supply at the ports.Tight supply and higher prices at ports stimulate seaborne buying.
The most-traded iron ore on the Dalian Commodity Exchange, for delivery in Jan'20, closed up 1.8% at 655.50 yuan/MT.
As per data compiled by SteelHome consultancy, iron ore inventory at major Chinese ports increased to 126.7MnT as on 5th Sept as compared to 122.5MnT a month ago.