Spot 63.5/53 Fe iron fines steady at 138-139/t, CFR

Spot iron ore fines prices kept unchanged on Friday morning with few trade interests.63.5/63 Fe hovers around $138-139/t CFR and 59/58% Fe being offered at $118/t, CFR China.

Chinese bank cut interest rates by 25 basis point last evening and market expects, this will improve sentiments and optimistic of good demand for iron ore in medium to long term.

On the other hand Indian iron ore traders have raised offers for high grade iron fines on strong demand from pellet plant based at Vizag.63/62% Fe being offered at Rs 4,600/t F.O.R Vizag.