Global Price Watch

Dec 17, 2009 | 11:53 AM |

Chinese spot iron ore prices jumped sharply as of midweek, with definite transactions reported as high as $113 per tonne c.f.r. Offers are pegged in a range of $110 to $117 per tonne as tensions build over supply problems in India. One Chinese trader reported a contract conclusion with an Indian iron ore supplier at $113 per tonne, having first bid at $112 per tonne. The transaction was concluded Wednesday night, various sources said. Transaction volumes have improved this week as steel mills return to the market in greater force. "We think the rally will last until at least early January," a Shandong-based trader said. "The price for 63.5-percent Indian....

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