Spot iron ore prices stable; do not see instant rebound- Traders

Spot iron ore prices in Chinese market kept stable, with most of traders kept their offers unchanged for Australian and Indian cargoes.

“We do not see buying interest to come back instantly before market closes for national holiday. Most of steel mills have done their procurement and with weak prices, we do not see much of transaction taking place.” said Mr Hudson, Rizhao based trader.

Iron ore stocks at major Indian port stays at around 1.5 million tonnes according to Indian port officials.There is nothing to cheer for exporters, as strong rupee and weak prices make exports weak from India.