Spot iron ore prices unchanged on low volumes

Spot iron ore prices in China reported to have unchanged on Monday with trading volumes being thin.

“There are not many cargoes available in the market, also buyers are not in a hurry to place orders. It is heard that local trader has reduced its offer by RMB 20/t. But it looks prices will not fall in near term.” said a Chinese trader based in HK.

Where as miners in Karnataka are hopeful that some mines will be allowed to start operations but will they be able to export it?, it remains questionable.

It is also reported that Indian traders have raised local prices by Rs 50/t looking at high spot prices and weakening Rupee.(Currently at 51.66 against a dollar).