24th Nov
Spot iron ore fines in China remained stable at $167-168/MT (CNF prices) for 63.5 Fe Cargo. Buying activity remained low in the market over North Korea and South Korea issue.
Though the benchmark Steel Index for iron ore fines 62% Fe climbed to $164.9 per tonne, the highest level in six months but physical activities remained low and number of cargoes sold were also less according to market participant.
“There is no aggressive buying in the market, very few steel mills are participating in buying iron ore. We saw an upside in the because Steel mills and traders wanted to pile up stock before winter.” said an Indian exporter based in Mumbai.
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