Spot iron ore prices remain
unchanged on Tuesday as both buyers & sellers are absent in the market.
Offers for Indian fines Fe
63.5/63 stays at $142-144/MT CFR China. Australian Newman fines also remains
unchanged at $138-140/MT (CFR China).
Indian exporters keep their quotes same for low grade Iron ore fines at Rs 2,700-2,800/MT for Fe 53/54, Rs 2,900/MT for Fe 56 and Rs 3,200/MT Fe 58 (FOR Vizag).
The most active rebar futures on
the Shanghai Futures Exchange rose to 4,236 yuan ($670)/MT on Tuesday as compared to 4,226 yuan/MT in the previous close.
“The market is pretty quiet
these days with suppliers going off for Christmas, and iron ore prices are
likely to soften until after the new year holiday,” said Xu Guangjian, an iron
ore analyst.
However, Some traders expect
steel mills to return to market to build up stockpiles for the Chinese new
lunar year in the last week of January, which would prop up prices of the
steelmaking raw material again.
“There should be another
wave of restocking before the new lunar year, but it's hard to say for sure as
steel prices are still weak,” said an iron ore buying official with a
small-sized steel mill in eastern China.
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