August 09,
Spot Iron ore prices in China is hovering around$ 149-150/MT with few enquiries from Chinese buyers as the buyers continue to be cautious at these levels.
Iron ore prices have surged over $ 25/MT in last 20 days on account of good buying from Chinese Iron ore traders as well as Steel makers who restocked their Iron ore.
But the trend of rising prices may not continue for a longer period because of the following:
· Increase in domestic production of Iron ore fines in China
· CISA reducing the number of Qualified Importers
Therefore, most steelmakers are playing waiting games as Chinese Iron ore market remains unpredictable in the near-term.
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