In the first 2 days of this week, FOB prices of Indian iron ore fines surged further by 5% to 10% for different grades.

The recent surge takes the total hike in iron ore prices to 15% to 40% for different grades since last low on March 10th 2010.

It is learnt that offers from Indian miners for 63.5%/63% cargos are generally above USD 155 CFR and it seems that our noting on March 20th 2010 that “Although the direction of spot market of iron ore is uncertain, some market players believe that this round of surge is likely to push the prices up to USD 160 per tonne levels CFR China, before cooling down” seems closer to reality.