Iron ore rises on high demand
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.