Physical iron ore prices shot up further above the $90-per-tonne-cfr mark on Wednesday amid bullish sentiment reflected in derivatives markets. China’s iron ore futures rose for a fourth consecutive trading day on Wednesday, with the most-liquid May contract even hitting the daily trading limit of 6% in the afternoon before easing slightly. Limited spot seaborne iron ore supply from cyclone-hit Western Australia, as well as slowing shipments from rain-caught north Brazil, has continued to buoy market bullishness.
Source:Arrow
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