Spot Iron ore prices remain
stable with buyers still cautious as a cloudy outlook for steel demand in China
has restrained mills' appetite for iron ore.
A cargo for Fe 63 Indian fines of
Essel mines was tendered at $146/MT but it failed at attract much buying
interest.
Australian Pilbara fines was also
quoted at the same level of $141-$143 a tonne, cost and freight, and Newman
fines at $144-$146. An Australian tender on Thursday saw 61.5-percent grade MAC
fines sold at around $142, at the same price level earlier this week, while
57.5-percent grade Yandi fines were concluded at $130, slightly higher than
current spot offers.
Instead of buying fresh cargoes,
some mills are opting for material from Chinese ports which are readily
available and can be bought in smaller tonnages to meet their immediate requirement,
said traders.
The most-traded May rebar
contract on the Shanghai Futures Exchange gained 0.3 percent to 4,329 yuan a
tonne by 0632 GMT, nearly flat for the week.
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