Restocking lifts spot iron ore prices 3 percent; charter rates stabilize

Oct 08, 2010 | 12:26 PM | Ginger Ding

Spot prices for imported iron ore jumped more than 3 percent Friday amid Chinese restocking after a week-long holiday.

Prices for 63.5-percent Indian iron ore fines reached $152 to $154 per tonne c.f.r. main Chinese ports, up from $147 to $149 previously.

"Increased inquiries from steel mills and traders have pushed up spot iron ore prices," said a source at a medium-sized steel mill in northeastern China's Hebei province, the country's largest steel-producing province. He also attributed the order uptick to the fact that "the one-month blackout period to meet Beijing's energy target is over in Hebei."....

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