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.

To know exact levels, likely scenario, domestic iron ore spot prices at Bellary and Barbil and FOB East Coast spot prices subscribe to “Iron Ore Services” of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com along with your full contact details. Please note that this is a paid service with subscription charges of USD 600 or INR 30,000 plus ST for 12 months.

The accuracy and the speed of reporting changes is well appreciated by not only Indian miners, but by global iron ore majors as well as Chinese mills as many of them have subscribed to this service to maintain another but solid listening post as far as Indian spot market is concerned.

(Sourced from www.steelprices-india.com)