Spot 63.5/63 Fe fines stable at $121-122/t

Spot iron ore fines market remained stable on Friday morning with very thin buying interest.Market participants anticipate prices should not fall sharply from these levels.

“Chances are less that we will notice a sharp downfall from here as steel mills are running hand to mouth.Steel prices in China are falling and that reduces the hopes of early recovery.” said a trader based in Rizaho port China.

There were two cargoes which were put on offer by a Brazilian miner went unsold. No offers were heard from Indian miners. In Indian domestic market exporters have almost stopped purchases.