Imported iron ore prices set new record

Imported iron ore prices set new record

The spot prices of Indian fines grading 63.5 percent into China reached a record $134 per ton after the New Year holidays, more than doubled from April 2009, leaving the Chinese negotiators a even tougher situation in the annual iron ore price bargaining. There are roughly 65 million tons of iron ore stocks at Chinese main ports, down from over 70 million tons weeks ago. China's major steelmakers like Baosteel have raised their prices on the assumption of higher costs of imported iron ore.