Thursday, April 28,
Spot iron ore prices in China remain stable. Fe 63.5/63, Indian cargo is being quoted at $188-189/MT.*
Some cutback in buying has been noticed since the prices touched the level of $190/MT in the mid of April.
Distributors are also not willing to cut down prices sharply since they bought it at higher prices and they expect prices to rise further.
According to traders based in China, “Shipments from India are comparatively lesser. While, Australian mines are being increasingly favored. Monetary tightening from Chinese government has lowered the demand for steel and Steel makers have reduced their purchases. However, they might start restocking by the end of this month ahead of few holidays in the first week of May”
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