In the last week ending July 15, import price of ex-India 63.5 percent fine ore at Chinese ports reached $184/mt, reaching the peak level in the last three months.
Market insiders seemed to be surprised to the current abnormal uptrend in the iron ore market especially for it's now the traditionally slow season. Just two week ago, the iron ore import prices were keeping sliding, returning to $170/mt. Thus, Chinese market players speculated that iron ore prices would fall down to $165-170/mt.
As one trader told, the overall orders for import iron ores are low at the moment.