Iron ore price continued to follow an uptrend on Tuesday, since positive market moods were supported by improved trading activity in the seaborne market.
Australian iron ore fines 62% Fe went up by $1.5/t to $116.75/t CFR, following an RMB 17/t ($2.4/t) rise in September contracts on the DCE.
Optimistic sentiment spurred seaborne buying activity amid hopes for steel demand. Chinese customers booked 620,000 t in total on trading platforms on August 4.
However, global supply growth continues to cast a shadow on iron ore market outlook. Brazil raw material exports rose by 13% m-o-m to 33.99 million t in July, only 0.9% lower in yearly comparison, the country’s official data showed. Arrivals to China’s main ports added 8.5% last week, reaching 13.95 million t, according to Steelhome.
