Spot Iron ore prices in China remain subdued amid upcoming week long holidays.

Spot Iron ore prices in Chinese market are depressed with quite low trade volumes. Chinese markets take a break during a week-long Lunar New year holiday that starts on Friday. Steel mills have already built Iron ore stockpiles ahead of the holiday.

Indian exporters confirm that Fe 63 Indian Iron fines is priced at USD 123-125/MT CFR China and Fe 60 Iron fines at USD 114/MT CFR China, with extremely low buying interest. Also, mentioned that Chinese buying is weak as Chinese buyers already out of market ahead New Year holidays.

Indian Government recently imposed an export duty of 5% on Pellets looking at rising demand from domestic market. Experts believe that this will not impact Chinese market to any extent, as Chinese appetite for imported Pellet is low. Also, India does not contribute a significant supply to China.

Current Indian Iron Pellet prices are in the range of USD 141-142/MT FOB India East Coast.