Reuters reported that India's iron ore exporters are hoping prices will stay above USD 90 a tonne after China's eight day holiday, though some concerns persisted about an oversupply of steel in the country that could cap gains.
A dealer in a trading company in south India said that "The market may largely remain range bound. It might start quoting at USD 90 plus levels when China opens."
In the last week of September, deals were heard done at USD 93 a tonne for ores with 63.5% iron, with freight, higher than the previous week as China stepped up purchases ahead of its long closure. India is China's third largest supplier of iron ore, with majority of its 100 million plus of ore exports landing in the north Asian country.
Traders said there were mixed signals in the market to gauge upcoming demand.
Source : Reuters