Chinese spot iron ore market remained quiet ahead of Chinese new year starting from 22nd Jan.There are hardly any trades happening and market waits for direction after holidays.
"It is difficult to comment on price as, if you look for sellers, no body has cargo , if you look for buyers, there are hardly any queries." said a large Indian miner based in Orissa.
"There's very little trading going on. A lot of our Chinese
clients are already on holiday mode," said an iron ore trader in Singapore.
Experts see the demand continuing strongly and given that there has been really no significant additional supply that's come into the iron ore market the prices will be sustained in that range probably in the $US140 to $US160 per tonne range for the foreseeable future.
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