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Steel mills flummoxed as spot iron ore prices head north

By Zhang Qi | China Daily | Updated: 2010-01-06 08:04

Surging spot prices of iron ore delivered to China have further complicated this year's negotiations with key suppliers.

Price of the 63.5 percent iron-content ore rose to $129 per ton including freight yesterday, after India raised taxes on exports, up 6 percent from last week and more than 50 percent higher than the 2009 benchmark price reached by Australia's Rio Tinto, BHP Billiton, and Brazil's Vale with Asian steelmakers.

The bulk of the iron ore delivered to Tianjin port yesterday was from India, with hardly any supplies from Australia and Brazil .

Steel mills flummoxed as spot iron ore prices head north

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