Spot iron ore fines Fe 62% price fell by $5.95 d-o-d to $150.1/t CFR China due to sluggish forward buying sentiments with Chinese New Year holidays ahead and drop in futures. As per sources, current speculative spot demand is focused on Feb loading cargoes and buyers are in no hurry to take positions for Mar cargoes. Mar demand is expected to recover after the holiday season. Along with this, weaker derivatives market also weighed on the spot prices. Yesterday DCE iron ore futures fell by RMB 43.5 and SGX iron ore futures dropped by $6.65.
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