It is reported that iron ore spot transactions returned even before the Golden Week ended.

As per market information, a 61/60% Fe grade cargo was sold at USD 80 per tonne on CIF China basis

It is also reported that a 63/62% Fe grade cargo was also sold at USD 69 per tonne on FOB India basis.

But the market players think that these levels are still relatively high and believe they will need to observe longer to see where prices will go.

With the impending gradual shift form benchmark pricing based long term contracts to spot cargos, it has become more vital for both sellers as well as buyers to precisely monitor the daily movements of iron ore spot prices to keep tab on trends and spot opportunities.