Spot iron ore prices in Chinese market continued to stay strong post Lunar new year holidays. Industry participants feel that low inventories at Chinese ports are prompting small and medium mills to bid high. Australian PB fines of 61.5 % have heard to be offered above $160/t CFR. Demand for Indian cargoes also improves.
On the other hand Chinese traders and stockists do not see major gains as steel demand is still weak in Europe.
Indian traders offer 54% Fe at Rs 3,000-3,100/t delivered Vizag port and Mill scale at Rs 5,200/t (Delivered Vizag port, basic prices).
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