The Chinese holidays have had a significant impact on the volumes of traded iron ore on the spot market and this is likely to continue all week.
Spot prices were quoted at $174-175 (CFR China) for 63.5/63 Fe cargo. Despite correction volumes have been low and buyers are not in a hurry to take positions in falling market.
Though big miners are like BHP are still positive on China's demand for Iron ore and expect that prices likely to remain high
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