Spot iron ore prices continued to edge upwards on limited restocking activity.Prices hovered around the US$149/t CNF China for 63.5/63 % Fe.
Some Chinese mills are reported to be restarting idled blast furnaces. But mills are reluctant to pay more for pricey imported ore with steel prices still stagnant at low level.
Tight supply from India, and easing lending rate in China should keep prices above $140/t levels say Industry analysts.
Industry sources reported steelmint that, a cargo of 63/62 Fe from large Indian miner was tendered at around $148-149/t CFR levels.
Major Chinese mills, including Baosteel, Wugan, Shougang and Angang have rolled back their January prices for February, reflecting their cautious stance towards the market. Most traders report that they will continue to hold limited inventory.
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