Spot Iron ore market in China likely to stay firm post lunar new year holidays, on low inventories and improved demand.
“Due to hurricane, Australian miners shipped less Iron ore in January and February, comparing with other seasons.
Chinese stockpile now dropped to 77 million ton (mt), a relatively lower level.
Hence, I guess the market would maintain at the high side.
Meanwhile, Australian will increase shipments from Q2, matching with China's good season for steel market after lunar new year holidays.
Therefore, it is hard to forecast the trend of price”, said a Chinese trader based in Shanghai.
INDIA – Odisha government has permitted miners to sell off the stocked Iron ore, which has been produced before October 2012 (production was stopped in some mines over excessive mining).
If sources are to be believed, huge quantity of low-medium grade Iron ore are piled up at these mines.
This will hopefully add some volumes to Chinese Iron ore imports from India, in coming months.
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