Spot iron ore market remained quiet. But prices remained firm inspite of weak buying interest.
Most of the Chinese buyers are on holiday (Chinese New Year starting from 22nd Jan). Indian exporters with cargo also prefer to wait till buyers get back from the holiday.With Shanghai steel futures trading at 3-months high, experts feel that spot iron ore prices should remain strong post holidays on short supply and Chinese steel mills running out of inventories.
It is reported that an Indian cargo of Fe 61 % was concluded at $132-133 (CnF China), where has Fe 63.5/63 remained firm at $148-149, with exporters holding their cargoes till re-opening of market post holidays.
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