Spot 63.5/63 fines steady at $136-137/t,CFR China

Spot 63.5/63 Fe iron ore fines remain unchanged on thin trading volumes. There were neither many buyers nor sellers in the market, reported local sources.

“There is certainly a negative sentiment after Bao steel cuts August steel prices by 5%.Buyers are very cautious at the moment.Also China will face power crisis during summers and few plants will also stop production.” said a local steel trader based in Shanghai, China.

Though there are not many sellers in spot market, Indian iron ore fines prices kept unchanged. Australian fines were more in demand than Brazilian fines.