Friday, August 12th,
Spot Iron ore prices in China might bounce back in short term said few importers based in China.
“Steel Mills have slowed down purchases this week as the global economic uncertainty clouds the market sentiment, The Chinese RMB has made slight gains against USD in recent thereby supporting the importers.
Chinese steel prices are firm and any sign of improvement in global economy will make steel mills to get back in the market.Supply has been a constrain from Indian exporters and it will play a key role in keeping spot iron ore prices firm.” said a Chinese importer based in Shanghai.
Reported by Meghna Verma (meghna@steelmint.com)
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