Monday, April 04,
Spot iron ore prices remains steady with thin volumes as China goes on a two-day holiday for Tomb Sweeping Day.*
Offers for Indian ore with 63.5/63 percent iron content approached $178-180/MT last week.
According to traders, “The herd mentality is on again in China so people are buying all at once. But when prices reach $190 levels again, you’ll see caution emerging. It all depends on how the Chinese steel market is performing because that does affect the buying sentiment there.”
Market players are also eyeing the resumption of a hearing on the ban on iron ore shipments from India’s key Karnataka state later on Monday.
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