China's largest steel producer Bao Steel kept its prices unchanged for most of steel products including flat steel for November.Effect was visible on spot iron ore prices which gained over 10% in last 3 trading sessions.
“Spot iron prices gained on Wednesday but not as it did on first two days of the week. Certainly buyers are cautious on such sharp in prices. With Bao steel keeping its prices unchanged, we are sure rally will stall as actual demand for steel is missing in the market.” said an iron ore trader based in Rizhao port.
There were some deals concluded for Australian and Brazilian cargoes few dollars up, but there is no mad rush seen, he further added.
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