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On Global Ore, a 70,000-tonne 62% Fe MNP (Mining Area C fines, Newman fines or Pilbara Blend fines) with June delivery was offered at $107 per tonne cfr. The MNP was sold at $103.50 per tonne on Monday by BHP Billiton.

“The offer is relatively higher than current market levels and I think participants are testing the market,” a Shanghai-based trader said.

A May delivery cargo of 170,000-tonne 62% Fe Pilbara Blend fines was bid at $103 per tonne, but there were no seller offers. 

And a 61% Fe Pilbara Blend fines cargo was sold at $102.20 per tonne by Rio Tinto on Monday, which translates to $103.90 per tonne on a 62% Fe base.

At China's Rizhao port, a trader sold 5,000 tonnes 61.5% Fe Pilbara Blend fines at 700 yuan ($113.50) per wet tonne to a mill based in Hebei province. The price translates to $99 per dry tonne on seaborne market. At Qingdao port, Pilbara Blend fines were traded at 695 yuan (112.71) per wet tonne.

The most-traded September iron ore contract on the Dalian Commodity Exchange closed at 740 yuan ($120) per tonne on Tuesday, down 1 yuan ($0.20)per tonne from Monday’s close.