Spot iron ore market in China kept unchanged with buyers prefer to restrict their purchases on future uncertainties. There were not many cargoes available for tender on Friday.
Billet prices in Chinese domestic market dropped down by 10-20 RMB. Markets are also not bullish on sentiments after leadership change in China. Indian exporters heard to be offering 63/62 Fe iron fines at around $120-121/t CFR mainland China.
Market participants are also concerned on rising flat steel prices but falling re-bar and billet prices in Chinese market. Most of them believe that rising iron ore prices is not stable and fundamentally spot prices should trade in range of $120-125/t CFR for 63 Fe iron fines.
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