Spot iron ore prices remained flat, with most of sellers hold their offers on hopes of further rise in steel prices.
“Rising steel prices in Chinese market and restocking by steel mills have prompted spot prices to move up. Most of blast furnaces which were shut due to maintenance will resume operations now and we can see iron ore demand to stay firm in near term.” said an iron ore trader based in Shanghai.
Indian 63.5/63 Fe iron fines kept stable at $120-122/t CFR, although not many exporters are holding stocks on Indian ports. With Shah commission's probe on illegal mining in Odisha will certainly restrict movement of iron ore from the state in coming weeks.
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