Friday, April 22,
Spot prices have been declining since mid-April as Chinese steel mills held their purchases when offers for high-grade material hit $190/MT.*
However, traders didn’t see the slump in prices to last long as supply of ore is still tight especially from India.
Spot iron ore prices are likely to gain next week with Chinese steelmakers expected to stock up on the key steelmaking raw material ahead of the US Labour Day holiday at the start of May.
Supply of ore from India may also improve by then as Karnataka is likely to issue transport permits for exports in the coming week.
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