Friday, January 28,
Most Chinese steel mills and traders have headed home as early as this week, and the spot market is likely to remain quiet for the next week due to Lunar New Year, said an iron ore trader in Shanghai.
“Very few of them are still out there buying and those who do are buying port stocks”
“But for the moment, supplies are still tight so there’s nothing to push prices down and some are optimistic that prices will continue to rise after Chinese New Year.”
Fe 63.5/63 Indian cargo remained quoted at $189/MT.
Iron ore exports from India are likely to get costlier after India’s railway operator raised freight cost on iron ore exports by 50 percent from Thursday as it rides on rising prices of the raw material.
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