Cotton & Western Mining Inc. (CWRN)

[grajekk]

Indian spot iron ore sold at highest price since Feb 2008-trade
Wednesday, January 19, 2011 - 12:42
High-grade Indian iron ore was sold in the spot market this week at $188.50 a tonne, including freight, traders said on Wednesday, a level not seen since spot prices hit a record around $200 in February 2008.

Indian commodity exporter Bagadiya Brothers Pvt Ltd sold 50,000 tonnes of 63 percent iron ore fines to a Chinese buyer for shipment in mid-February, according to two trading sources with knowledge of the deal.

Tight supplies from India, the world's No. 3 iron ore exporter, due to a ban on shipments from its key Karnataka state and bad weather in the eastern coast, have been boosting prices of the steelmaking material.

Key iron ore indexes, based on spot transactions in China, are on course to hit record highs this week, as Chinese mills restock ahead of the Lunar New Year.