China: Iron ore prices stable d-o-d as demand slows down before holidays

Spot prices of iron ore in China remained largely stable d-o-d due to weak buying interest. Benchmark Fe 62% fines prices inched down by $0.35/t to $123.65/t CFR on 12 Jan’23. The seaborne buying interest is receding as the Lunar New Year festival is approaching. As per sources, most steel mills have stocked up sufficient inventory for the upcoming holidays.