China's strong demand driving higher iron ore prices from India
It is reported that because China steel makers prefer nearby iron ore supply to save sea freight charges, Indian iron ore demand increased, which caused India iron ore price increased slightly.
One exporter in India said that the demand increased since last Thursday and the price of ores with 63.5 percent iron content went up to US$67/ton from US$66.1/ton before the week, and the cost of iron ore is only US$62~63/ton in April.
China’s general Administration of Customs said that China’s iron ore imports have reached an all-time peak of 57 million tons in April.
According to the information, India is China’s third iron ore supplier following after Brazil and Australia.
By Yieh Corp
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