Spot iron ore prices in Chinese market kept stable this week as participants prepare for national holiday starting next week.
“The market is now looking under stocked. There are a lot of potential buyers on the sidelines, but at the moment uncertainty is prevailing and no one is willing to take the risk.”
But some traders say there is a chance iron ore prices could bounce back after China's Golden Week holiday.
“Most people believe prices will increase after the holiday because, given the long break, some mills would need to go back to the market and purchase. I'm seeing a $5 increase in prices after the holiday,” said an iron ore trader in the port city of Rizhao in China's eastern Shandong province.
Source: Reuters
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