Spot Iron ore may edge lower this week as buyers in China may
skip the spot market with activity winding down ahead of the Lunar New Year next
week.
“Many steel mills have already finished restocking, so there'll
probably be almost no deals this week and prices will be stable to slightly
weaker,” said an iron ore trader in the port city of Rizhao in China's
eastern Shandong province.
Offer prices for imported cargo in China were unchanged on Monday.
Most traders are also unlikely to sell cargoes this week, and
opt to wait until the Chinese return after the week-long holiday that starts
Jan. 23.
The most-active May rebar contract on the Shanghai Futures Exchange
was little changed at 4,227 yuan a tonne by the midday break, with volume
traded at a lean 159,876 lots.
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