Spot prices of Indian iron ore have dropped by $3-4/MT from
the previous week but it is have yet to draw any buyers.
Indian ore with 63.5 percent iron ore is being quoted at
$181-$182/MT on Tuesday i.e. same as yesterday. Whereas, Offers for Australian 62 percent Newman fines is quoted at $176-$178 /MT i.e. down by a dollar from Monday.
“We expect some buyers to return after the holiday, or
at least the market will be a little active, because right now it's dead,”
said a iron ore trader in Shanghai.
However, China's steel futures rose on Tuesday after three
days of losses. The most-traded January rebar contract on the Shanghai Futures
Exchange rose more than 2 percent to 4,490 yuan a tonne, before cutting gains
to 4,433 yuan by the midday break, up 0.8 percent.
“Investors are still not very confident about steel
demand in China which is weak and they don't expect demand would pick up very
soon. So that is making the iron ore market a very quiet market. There are
hardly any deals “, said a Shanghai-based iron ore trader.
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