India's iron ore spot price breaks 100 dollars per ton

China's economic network, Beijing, November 13 (Fan) The spot iron ore prices that India exports to China this week topped 100 US dollars per ton, influenced by the rising cost of shipping and increased demand from China and the decline in India's exports. A study published today by the Federal Bank of Australia (Commonwealth Bank of Australia) says high iron ore prices are likely to continue and may even rise further. "If the Indian government continues to impose quotas and licensing policies on iron ore exports, the price of iron ore exports to China will rise further," says David Moore and Lachlan Shaw, an Australian federal Bank analyst, who wrote the report. According to data from the Metal Herald, Metal kong-based, the sale of spot iron ore to the Chinese market by the end of last weekend (November 6) was $99.50/ton.　　The price of spot iron ore sold to China also climbed 1.1% to $97.60/ton, according to data from the Steelcompany index, a steelcompany Business breifing. An important reason for the rise in spot iron ore prices, according to information from China's economic network, is that the sharp drop in Indian iron ore exports has led to a decline in supply. India's eastern state of Orissa last month shut down 69 small and medium iron mines on the basis of a full license, and revoked 500 licences for iron ore exporters in contravention of government regulations, the Economic Times of India said in a report November 9.　　These practices have led to a sharp reduction in exports of iron ore to India. This week, the price of Indian powder, which contains 63.5% of its iron content, rose rapidly to $100-106/ton in China. In August this year, the spot price of the powder ore that India exports to China once climbed to a record high of $110-112/ton. Analysts say the tight supply of iron ore in India continues at least until the end of November or mid-December.