Spot iron ore prices in Chinese market remained stable, with Brazilian 63.5 Fe fines sold at around $118/t CFR last Friday.
Rising steel prices in domestic market keep hopes alive for further rise in spot iron ore prices.Re-bar contract for May delivery on the Shanghai Futures Exchange rose 41 yuan slightly more than 1% to 3,692 yuan ($590)/t on Monday.
“Chances are high that spot iron ore prices will rise this week, although steel mills are not desperately looking for imported cargoes at the moment. Gradually rising steel prices might prompt millers to bid high.” said a trader based in Rizhao port.
Indian exporter heard to have concluded 63.5/63 Fe deal at around $118-120/t CFR on Friday.
In the physical market, top iron ore miner Vale is selling 170,000tonnes of 65.04-percent grade Brazilian fines at a tender closing later on Monday,traders said.
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