Spot iron ore prices remain steady
amid an unclear demand picture in China. Offers for Indian fines Fe 63.5/63
stays at $130-132/MT. However, Australian (PB) fines Fe 61.5 was sold at $123/MT i.e. up from the previous deal concluded at $116 on Monday.
Iron ore has risen by 3.4% since
Monday after a slide of more than 35 percent in September and October which drew
some Chinese buyers back into the market; although traders say it may be too
early to judge that the market has turned around.
“It's a temporary stability.
To be honest, I'm not quite sure how it will pan out in the long term but
talking about a bounce is a little premature,” said a physical iron ore
trader in Singapore.
UBS on Thursday cut its realized
price forecast for iron ore sold by BHP Billiton and Rio Tinto for the December
quarter to $143 per tonne from $166, citing an industry shift to more spot
pricing.
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