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Spot Indian iron ore price at Tianjin Port surges by 20%
enorth.com.cn   2008-12-29 11:09


(steelguru)Statistics shows that Indian ore fine with 63.5% Fe arriving at Tianjin port is offered at CNY 630 per tonnes up by 20% as compared with early November.

 Analysts believe that price rise of spot iron ore is caused by current warm up the market and production resuming of small steel mills. However, this would weaken China's advantageous position in iron ore talk.

According to sources from Qingdao port and Rizhao port, iron ore that had been piled up high there has been moved out at an increasingly quick pace. Iron ore stock at coastal areas has been declining for six straight weeks. Last week, it was down by 3.43 million tonnes and 62.55 million tonnes was left which is 13 million tonnes less than the highest 75.98 million tonnes in September.


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