Spot iron ore prices in Chinese market moved up slightly on rise in steel prices in domestic market.Industry experts do not see early recovery this year.
Re-bar futures and billet prices in Chinese moved up by 30-40 Yuan yesterday which made iron ore traders to hold their offers said domestic sources. Brazilian miner sold Fe 65+ iron fines at around $116/t CFR.
“Chinese market will be shut for national holidays starting from next week, trading activities will be low. Stocking has been done. Chances of prices going up is rare.” said a steel trader based in Shanghai.
Indian exports remain quite with miners and exporters not holding much stock on Indian ports. Federation of Indian Minerals (FIMI) also stated that exports from Indian market might touch as low as 15 millions if ban from Goa is not lifted.
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