Iron ore trade in Chinese spot market remained quiet on Thursday.With national holidays approaching, buyers do not seem to be in a hurry to secure cargoes, said local traders.
Chinese most traded re-bar future opened higher also Australian PB fines fetched bids higher than previous trade. Market analysts say it does not reflect the correct picture and demand is still weak.Effect of government's plan of speeding up infrastructure projects is cooling down.
Exports from Indian market remained subdued and with Indian mines ministry proposing miners to use iron ore for self consumption is worrying the market.
In a statement released by ministry of mines state that ” The entire ore produced in mining operation shall be used exclusively for own consumption in iron or steel making and can not be sold in India or exported to countries.
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