Spot iron ore prices in Chinese market kept unchanged ahead Christmas and Lunar holidays. Prices have surged to 6-months high on bullish sentiments and hopes of revival from change in leadership in Chinese government.
Although many traders in China believe that prices are quite high and buyers are very selective in buying as most of them wait for clear direction.
On the other hand, few traders believe that economic reforms in China will lead to higher steel and iron ore prices in coming days.
Indian 63.5/63 Fe iron ore fines remained stable at $132-134/t CFR, with limited trade activities. Indian exporters hold their mill scale offers at $137/t CFR China (in bulk vessel).
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