Friday, June 24,
Spot iron ore prices remain stable on Friday and steel mills in China continue to limit their purchases in anticipation of weak steel demand.
Offers for Indian Iron ore fines, Fe 63.5/63 remain at the previous level of $ 175-176/MT. Whereas, offers for Australian Newman iron ore fines with 62 percent iron content have dropped to $173-$175/MT
According to traders, “Power cuts in the steel industry have made buyers hesitant. Moreover, high iron ore inventories at Chinese ports have dampened steel mills’ interest to build up stockpiles. However, tighter supplies from India during the monsoon season that lasts through September are expected to limit the decline in spot prices”
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