A massive surge in spot prices of Indian iron ore fines has been reported on the first 2 days of this week, especially for higher and medium grades.
Fe 63.5/63% - 8%
Fe 63.5/62.5% - 7%
Fe 63/62% - 7%
Fe 62/61% - 8%
Fe 61/60% - 8%
Fe 60/59% - 4%
Fe 59/58% - 4%
Fe 58/57% - 1%
Fe 57/56% - 1%
Fe 56/55% - 1%
Lower grades remained unchanged.
Market players at both end are in a puzzled state and are highly concerned over the future and sustainability of such levels
This week’s rally brings to about 40% gain in just about 30 days