Spot iron ore prices in Chinese market remained stable over last few days on rising steel prices. Recently Bao steel, China's largest steel producer have raised its flat steel prices by upto $16 per tonne.
Market experts comment that upside is limited from these levels as winters are approaching China, which will result in slow down of construction activities followed by slower demand for spot iron ore prices.
Australian PB fines was heard to have fetched $123-124/t CFR. Indian 63.5/63 stable at $123-124/t CFR, although some miners are also quoting $125-126/t for the same grade.
Chinese buyers prefer to stick to Australian and Brazilian cargoes on regular supplies, unlike India where supplies are very irregular and uncertain on account of probe against illegal mining in the country.
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