Spot iron ore prices
in China drop by $1 as slow recovery in steel demand has kept buyers off the market.
Indian fines Fe 63.5/63
was heard being quoted at $145/MT CFR i.e. down by $1/MT from the previous
levels.
China's leading
steel giant Bao steel has also kept its HR/CR prices unchanged for June on slow
recovery in demand.
“Most of the steel mills have sufficient iron ore
stocks for now, and even those operating with minimal inventory have little interest
to buy. Resistance for Fe 63.5/63 is seen
at the level of $140/MT”, say
industry experts.
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