Spot Iron ore prices remain steady on weak buying interest 

Spot Iron ore price in China steadied on Tuesday after
witnessing rapid gains last week. Lower steel demand & steady Shanghai
steel futures are said to have curbed the buying interest for the key raw
material.

The most-traded May rebar contract on the Shanghai Futures
Exchange slipped by 0.4 percent to reach 4,149 yuan a tonne i.e. falling for a
second time in three sessions.

Offers for imported iron ore remained unchanged with Indian
fines Fe 63.5/63 at $ 149-151/MT, Australian Pilbara fines at $139-$141/MT,
C&F and Newman fines at $141-$143/MT.

“Traders are being cautious because steel prices in
China have dropped over the weekend after last week's rise and then was stable
yesterday. They want to see clear signs before they take action and there is no
urgency for producers to buy iron ore aggressively,” said an iron ore
trader in Shanghai.

BHP Billiton sold Newman fines at $143 and MAC fines at $139/MT,
C&F, at a tender on Monday, little changed from previous deals, the
Shanghai trader said.