Spot iron ore prices in China remain steady on thin volumes; Fe 63.5/63 at $148/MT

Spot iron ore prices remained steady on Friday as demand
from top buyer China remained thin. Low steel demand in China, has weighed on the spot iron ore prices and is also limiting the appetite for the key raw material.

“There is hardly demand from Chinese mills at this
time,” said a physical iron ore trader in Singapore. “Unless steel prices
pick up strongly, iron ore will continue to trade in tight ranges with a
downward bias.”

Offers for Indian fines Fe 63.5/63 stays at $148/MT (Cnf). Australian
61.5-percent grade Pilbara fines also stays at $141-$143/MT & 58-grade
Yandi fines at $128-$131/MT.

A tender by Australian miner BHP Billiton on Thursday
suggested spot prices could have more room to fall. BHP sold Yandi iron ore
fines at $130.75/MT versus a previous sale done at $132.50/MT earlier in the
week, traders said. BHP also sold Newman fines at $146 per tonne, unchanged
from an earlier tender, traders said.