Spot Iron ore prices steadied on Wednesday as buyers have
held their purchases on low steel demand in China.
Offers for imported iron ore in China remained unchanged
from Tuesday, with Indian fines Fe 63.5/63 at $ 148-149/MT. Australian Pilbara
fines was also quoted same at $143-$145/MT & Newman fines at $146-$149/MT.
“Steel mills are hesitant to buy more iron ore, given
by the lacklusture steel demand and prices,” said a purchasing manager for
an iron ore trading firm in Shanghai.
Shanghai rebar futures have risen a modest 2 percent so far this
year, with the most-active May contract up half a percent at 4,294 yuan a tonne
by the midday break.
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