Tightness in the spot market of Indian iron ore fines was reported again in last few days of last week especially for higher grades.

Although Chinese buyers, facing Lunar Holidays next week, are cautious in accepting higher bids from Indian sellers, some transactions in the higher bands have been reported giving positive momentum to the market.

Although credit squeeze news from Chinese banks is keeping domestic steel prices in negative motion, Chinese steel mills with such high production levels are under pressure to secure their iron ore supplies. Hiking of forecast for benchmark settlement as well as Big 3 negotiation tactics are further buoying the spot market.

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(Sourced from www.steelprices-india.com)