A major iron ore index rose again on Thursday after hitting a seven-month high as Chinese steel mills picked up buying from the domestic spot market and import offers remained firm.
The Steel Index (TSI) 62 percent iron ore benchmark .IO62-CNI=SI gained 30 cents to close at $168.8 per tonne cost & freight delivered to China on Thursday, its highest level since May 13.
Improving sentiment on steel demand and prices for the first quarter of next year has buoyed import prices of Indian iron ore fines with 63.5 percent iron content to as high as $178 per tonne cost & freight delivered China.
Traders said the majority offers were standing at above $176 per tonne cost & freight delivered to China in the latter half of this week, from $173-175 per tonne cost & freight earlier.