Spot iron ore prices remain steady
on Friday, as miners held offers firm amid an anticipated pick-up in Chinese
steel demand as well as the continued tightness in supply from India.
Offers for Indian fines Fe
63.5/63 continue to stay at $189-190/MT. Australian 62 percent Newman fines also
stood steady at $183-$185/MT
The persistent shortage of iron
ore exports from India's southern Karnataka state as well as the approaching
peak consumption season in China has sustained the strength in iron ore offers.
Supply from India is likely to remain tight owing to the high court rulings and
investigations causing mine suspensions.
“The spot market is firm
this week amid growing buying interest from Chinese steel mills, but the market
is still lacking active purchases in large volumes at the moment,” said an
iron ore trader in Shenzhen.
Global iron ore miners are likely
to keep iron ore contract prices steady in the fourth quarter, with spot prices
stabilizing on solid Chinese demand and tight supplies, based on global indexes
which are used by suppliers to fix quarterly pricing.
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