Spot iron ore prices in China, largest consumer of sea borne iron ore, kept stable with Rio Tito selling PB fines at $88.5/t CFR where as Yandi fines of 58% Fe was sold at $79/t CFR.
Market sources report that prices kept stable on recent announcement by Chinese government to speed up infrastructure projects specially developing rail network.
On the other hand research firms like Goldman Sacs report that there is further scope of fall in iron ore and coke prices in Chinese market on weak demand and excess supply by Australian and Brazilian miners.
Indian exporters stayed calm this week with no deals heard recently.Market sources report that stock on Indian ports are almost drying out as exporters are unwilling to pile up amid weak markets and high freight charges.
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