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Tuesday, June 14, 2011

Indian Ore Was Quoted

Indian ore with 63.5/63 percent iron content was quoted at $181-$183 per tonne, including freight, on Tuesday, up $2 from Monday, Chinese consultancy Umetal said.

"Steel mills have come back to market to replenish stockpiles since last week, and the continued tightness in Indian ore supply has also backed up prices," said an iron ore trader in China's coastal Shandong province.

"Iron ore inventories at steel plants have stayed low, and some mills also plan to start restocking next week, extending this round of restocking," said Xu Guangjian, iron ore researcher at Umetal.

Two key iron ore indexes, based on Chinese spot prices, extended gains for a fifth day on Monday after losing around 6 percent last month.

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