The physical market saw thin trading today with offers for spot iron ore pulling back slightly. It is still unclear what direction the market will take with sellers unwilling to give.
Some Chinese traders have ended up buying Iron ore from stockpile instead of waiting for import cargoes, which looks to be unattainable.
The prices of Iron ore at stockpile have moved up in the past few days while the steel demand has not picked up significantly which indicates that the recent price bumps were mostly a result of trader's speculation.
“The price rise will not be so fast, Sentiment is cautiously optimistic. We still need to pay more attention to steel demand demand in China which has not shown any significant change.” said an iron ore trader based in Shanghai
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