Spot iron ore fines which remained weak on falling steel prices in China looks to have support at $140/MT (Fe 63.5/63 CFR), said Chinese traders.
“Steel mills in China are certainly not making profit, but they are running on low stocks, every fall in raw material prices will give a buying opportunity. They are willing to buy at $140-142/MT CFR for Fe 63.5/63”, said a Chinese trader based in Shanghai.
“Spot iron ore demand is subdued on falling steel prices in China, but it is expected to cover back next month , when construction activities are good in China.
Indian sellers are willing to sell below $147-148/MT, CFR China for Fe 63.5/63″, reported a large Indian exporter based in Mumbai.
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