Global Price Watch

Dec 10, 2009 | 10:10 AM |

China's spot iron ore market is tightening up as more traders put off buying. Transaction prices have risen to $104 to $106 per tonne c.f.r. for 63.5-percent iron content Indian fines, up from $102 to $105 previously, while offers have risen $2 on the lower end of the price range to $105 to $106 per tonne c.f.r.

This could indicate that fears of price declines are ebbing, according to a trader in Ningbo in China's northeastern Zhejiang province. However, there has been no substantial market improvement in terms of transaction prices and volume, market participants said. "If the fluctuation lasts long, it will take up more of traders' working capital," a trader in Beijing said, adding that an offer of $106 per tonne last week was concluded this week at $104 to $105. Meanwhile, sales of lower-grade iron ore are expected to taper off amid rising coking coal and coke prices.....

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