Spot
iron ore prices gained further $1 on replenishing inventories by Chinese steel
mills before New Year. It is also reported that PB fines (61.5 Fe) was tendered
higher by$1/MT and closed at $140/MT (CFR China).
“Iron
ore prices are likely to fluctuate within a limited range before the Lunar New Year
and I don't expect steel mills will return to the market for restocking after
that,” said an iron ore trader in Shanghai.
“There are few trades happening but no one wants
to book big cargoes. Purchases are being made by Chinese traders rather than
steel mills”, he further added.
Leave a Reply