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| Select Language??Iron Ore-Major indexes scale fresh 8-month high
Saturday, 08 January 2011 02:00
Spot iron ore prices in Asia stayed strong on Friday as sustained demand from Chinese steel mills ahead of the Lunar New Year next month and tight supplies pushed key indexes to their highest since May 2010.
An Indian trading firm sold this week 40,000 tonnes of ore with 63.5 percent iron content at $180 a tonne, including freight, a level last seen in April, and traders say there may be enough momentum to lift prices closer to $200.
Inquiries from Chinese buyers have increased on concern floods in Australia may also disrupt iron ore shipments from the world's top miner.
"We're getting a lot of inquiries from the Chinese side. There are offers at $181 to $183 a tonne, but I haven't heard a deal above $180," Dhruv Goel, managing partner at iron ore trader Steelmint in India's eastern state of Orissa, told Reuters.
"The Chinese might not be getting supplies from Australia because of the flood. They want to play safe, they don't want to take risks.
"I am hearing from the market that Chinese buyers are ready to pay more than $180 for 63.5/63 cargo," said Goel.
Australia's worst floods in at least 50 years has already hit its $50 billion coal export industry which is likely to take months to recover fully.
High-grade iron ore cargoes out of No. 3 supplier India had already been tight due to an ongoing ban on exports at its Karnataka state.
The Platts 62 percent iron ore index IODBZ00-PLT rose $1 to $174 a tonne, including freight, at the close of trade on Thursday, its highest since May 10, 2010.
"It's possible prices can hit $200 if the current momentum continues," said a Singapore-based trader.
Iron ore prices touched a two-year high of $186 a tonne, based on Platts' iron ore index, on April 2010.
The Steel Index 62 percent benchmark .IO62-CNI=SI ticked up 30 cents to $171.30 per tonne, its loftiest since May 12 last year.
Metal Bulletin's 62 percent gauge .IO62-CNO=MB edged down 43 cents to $169.05.
SPECULATIVE?
Forward swaps extended gains, reflecting investor optimism prices will remain strong, with first-quarter prices all above $170 a tonne.
The Singapore Exchange-cleared January contract rose $1 to $174.50 a tonne on Thursday, February gained $1.45 to $172.70 and March rose $1.80 to $171.80.
Some Chinese traders say the price surge may be largely driven by speculative bets rather than real demand.
"The increase has mainly been due to speculation by traders who believe there's room for prices to move higher and there's more money supply as the new year begins," said an iron ore trader in Beijing.
Another Beijing-based trader agreed but added that Chinese mills might purchase more material next week.
Source: Reuters
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