Iron ore prices in Chinese spot market kept unchanged as buyers prefer to wait and watch. Most of iron ore traders based in China believe that prices will fall further from these levels.
“Iron ore prices are still high, not many mills are keen on securing ore at the moment, also with Chinese holidays and winters approaching demand will further reduce. Indian exporters kept offers unchanged at $151-152/t CFR for 63.5/63 Fe iron fines, and Brazilian 63 Fe fines were offered at $152/t CFR. Chances are pretty high that prices will fall further from here on softening demand.” said Mr Hudson, an iron ore trader based in Rizhao port, China.
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