Spot Iron ore prices remained
unchanged on Thursday with offer prices for Indian fines Fe 63.5/63 staying at $147-148/MT.
“Many of the small- to
medium-sized mills are still not ready to take cargo above $140, unless steel
prices rise strongly,” said an iron ore trader in Shanghai.
While spot steel prices have come
off recent lows, demand from China, remained sluggish, threatening demand for
iron ore.
But others have the opinion that
iron ore prices may have further room to move up in the near term.
“There should be a modest
rise in iron ore prices in March as steel demand picks up, but I don't expect
any big spikes before August due to uncertainties in China's economy,”
said an iron ore trader in the country's coastal city of Dalian.
“The problem is there is no
sign of any strong rebound in steel demand right now.”
The most-traded October rebar
contract on the Shanghai Futures Exchange edged up 0.1 percent to 4,300 yuan ($680)
a tonne by the midday break.
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