China: Spot Iron Ore Fines Index Up Following Hike in Futures
Chinese spot iron ore prices (Fe 62% fines) increased today (i.e 10th Aug’19) to USD 93.2/MT, CFR China. The prices up as against USD 89/MT, CFR China a week ago. Spot Index increased by USD 1.25/MT on daily basis as against yesterday prices at USD 91.95/MT.
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.
source: SteelMint
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