China’s imported iron ore market rose slightly on Wednesday November 13 after BHP Billiton’s tender of Newman fines fetched a higher price than expected.
Spot prices for 63.5% Fe Indian fines were at $137-138 per tonne cfr China during the day, narrowing upwards from $136-138 per tonne on Tuesday. “BHP was testing to see whether the third plenum [of the Chinese Communist Party’s central committee] gave support to iron ore prices by offering a cargo of Newman fines via a tender this morning,” a trader in Shanghai said.
morgan stanley raise their target, page-30
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