It is reported that spot prices of Indian iron ore fines FOB East Coast have firmed up during last 25 days of January 2009.
Iron ore fines
Grade | Change | % |
Fe 63.5/62.5% | 6 | 9.5% |
Fe 61 / 60 % | 2 | 3.7% |
Fe 59 / 58 % | 4 | 8.5% |
Fe 58 / 57% | 4 | 9.8% |
Change is as on January 30th as compared to January 5th 2009
Change is in the FOB East Coast Indian rates
Change is in USD per tonne
The surge is attributed to renewed Chinese buying interest before proceeding on their week long Spring break. As per market indications, the upward trend is likely to be maintained when the market opens next week.