Saturday, February 19,
Spot Iron ore prices got corrected by $ 6/MT over weak buying from Chinese steel mills.*
Fe 63.5/63 Fe was heard being offered at $ 194/MT i.e. down by approx $6/MT , yet there were no deals happening. Steel prices in China have started correcting from last few days as buying interest from Chinese steel mills and traders have weakened.
Though supply remains a constrain , Chinese buyers still look cautious over uncertainity in the steel prices. ” We were expecting prices to increase post Chinese holidays as construction activities stay strong in this period. But Iron ore prices are hovering around record high and Chinese government have come out with some new regulations in order to curb high rising property prices.” said a Chinese trader based in Shanghai.
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