Reuters reported that spot iron ore prices were little changed on Tuesday on low buying interest from Chinese steel mills, many of which are waiting for clearer signs on where prices are heading before boosting their stockpiles of the raw material.

The hesitation is largely caused by the poor outlook for steel demand growth in China in a knock on effect of its slowing economy, keeping steel prices in check.

But traders expect some mills, which may be running low on their ore inventories after last week's Lunar New Year break, to pick up some spot cargoes later in the week.

An iron ore trader in Shanghai said “Some mills and traders may need to replenish or take positions later this week since the expectation is that prices will rise in the short term.”

(Sourced from Reuters)