Due to frenzied buying by Chinese steel mills, spot prices of Indian iron fines are continuing to surge on daily basis with no immediate end in sight.

It is learnt that some 63.5/63% cargos breached USD 125 mark last week although mostly bids were few USD lesser. Market sources point to CFR levels reaching USD 130 per tonne soon, which would mean FOB levels crossing USD 100 per tonne mark.

As per market information many Chinese trading companies are planning to stock for Lunar New Year thus resulting in this mad rush.
FOB India prices surged by 2% to 5% on January 4th for various grades.