Spot iron ore prices in Chinese market have remained stable on Tuesday, however buyers have been cautious looking at rapid increase in prices. Most of traders believe that prices have gone up more than expected in last few days and scope of moving up further is limited.
Australian New Man fines was concluded at around US $128.5/MT on Global ore. On CBMX Yandi fines of grdae Fe 58% was offered at around US $120/MT
” Prices have gone up unexpectedly high. Many Chinese steel mills are not very confident of stocking at these levels.We see limited scope of further rise.” said Mr Hudson, an iron ore trader based in Rizhao port.
In Indian domestic market, demand for low grade fines has improved in last few days. Merchant exporters, who were quiet for some time has planned some shipments from Haldia and Paradip port.
Waiting period at Paradip and Haldia port have been high due to rise in coal imports and monsoon season.
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