Spot Iron ore picks up slightly; Fe 63.5/63 at $145

Spot iron ore prices moved up marginally after a tender for a cargo of PB fines and lumps which concluded at slightly higher levels, but
traders said the outlook remained directionless.

Spot prices inched up by a $1-2 and Indian cargo Fe 63.5/63 reached at $145-146/MT.

“I don't think anyone would make any big purchases from the spot market this week, but I expect buying to increase a little on Jan. 10 as they seek to replenish stocks ahead of the Chinese new year,” said a Shanghai-based trader.

The most traded steel rebar futures contract
in Shanghai ended Thursday morning at 4,176 yuan per tonne, inching up 17 yuan
from the previous close, but still more than 16 percent lower than its peak in
June 2011.