India's iron ore prices have surged to $60 a tonne free on board for the first time since early March, with bigger inquiries coming from China and a cut in supplies owing to the monsoon.

Gaurav Atha, managing partner at K.N. Ram & Co, a miner and exporter in east India, stated:

We are getting inquiries asking for ores at $58-$59, but we are not looking at anything below $60.

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