Chinese spot Iron ore prices have increased by USD 1/MT. Fe 62% fines is currently offered at USD 64/MT, CNF China.
Spot Iron ore prices in China have witnessed a momentum prior to the Lunar New Year holidays. Restocking of Iron ore by the steel mills has led to surge in prices by USD 2/MT.
Global Iron Ore Prices
|
Particular |
Prices in USD/MT |
| Fe 63/62, India | 64 |
| Fe 63.5/63, India | 65 |
| Fe 61/60, India | 58 |
| Fe 59/58, India | 44 |
| Fe 58/57, India | 41 |
CNF China prices
Source: SteelMint Research
Trading activities in China are likely to slowdown due to Lunar Year holidays, which would start from 18 Feb, 2015. Markets will remain closed during this week long holidays.
Some are expecting construction activities in China to gain momentum after the Lunar New Year holidays. This may support Spot Iron ore prices.
Iron Ore Stocks at Chinese Major Ports witness Slight Reduction: Few steel mills were seen restocking Iron ore on hopes that demand will improve post holidays. This in turn led to reduction of stock at Chinese major ports by 3% M-o-M from 98.18 MnT to 95.13 MnT .
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