Spot iron ore prices steadied on Monday. Offer for Indian
fines Fe 63.5/63 stays at $137/MT i.e. unchanged after rising slightly last
week.
However, prices may struggle this week to sustain the recent
gains with sluggish steel demand in top consumer China, traders said.
“We could see small gains in physical iron ore prices
due to some limited restocking taking place,” said a Hong Kong-based iron
ore trader.
“Caution is building up in the market. We haven't
really seen any big moves in steel prices,” said another iron ore trader
in Shanghai.
Still, miners continue to sell cargoes on the spot market.
Top iron ore exporter Vale in Brazil is offering 98,000 tonnes of 62.8 percent
grade Brazilian iron ore at a tender closing later on Monday, traders said.
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