According to a Beijing-based trader because spot prices are "low enough now, most people want to try to buy better quality material with lower impurities," with traders preferring Australian fines with lower silica levels as compared to some Brazilian grades. Premiums for high-quality lump last week hit the highest since March according to Platts data. Spot seaborne iron ore lump premiums rose to $0.215 per dry metric tonne unit, translating into an effective price of some $89 a tonne for 62% Fe.
http://www.mining.com/iron-ore-price-gains-after-summit-11820/
Ring the Bells, page-15
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