Spot iron ore prices may be little changed this week with
top buyer China off for the Lunar New Year holiday, and stockpiles at Chinese
ports more than enough to meet any immediate demand.
Demand for the steelmaking ingredient in the spot market thinned
sharply last week as trading activity ground to a halt ahead of this week's
holiday.
Those seeking small cargoes this week can readily secure material
from Chinese ports, traders said,
Traders are relatively optimistic on iron ore fines and say
prices will rebound gradually after the holiday.
According to the China's import data, China imported 64% of
its iron ore from Australia and Brazil i.e. unchanged from the year before,
while iron ore purchases from India dropped by 24%, as exports from that
country were curbed by policy restrictions.
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