Bloomberg reported that Federation of Indian Mineral Industries sees further surge of about 5% in spot prices of Indian iron ore for exports to China in January as demand rises.

The report cited Mr RK Sharma secretary general of the Federation of Indian Mineral Industries as saying that prices may climb from the prevailing USD 110 a tonne by the first week of January 2010.
Mr Sharma said in an interview that "The trend is strong and this year will close on a positive note."
The report added that India’s iron ore exports in the first seven months of this financial year jumped up by 21%t as steelmakers in China, spurred by the government’s USD 586 billion stimulus package, increased raw material purchases.