ASIA IRON ORE: Spot prices rise on stronger buy-side pull
Asian seaborne iron ore strengthened Monday after staying stable the last three trading days as buying interest resumed while tight spot ore availability and stronger rebar futures also gave a boost to prices.
Platts assessed the 62% Fe Iron Ore Index up $2.25/dmt at $138.25/dry mt CFR North China Monday.
With China returning from a public holiday, market participants observed more buying eagerness from end-users needing to replenish spot iron ore.
"The market is seeing some support from buyers who are seeking iron ore [Monday], with some even willing to fork out higher prices for [mainstream] cargoes today," a procurement source at an eastern Chinese mill said.