The spot prices of Indian iron ore fines, after crashing by 25 to 30% depending on different grades, remained stagnant last week amid low or negligible level of transactions giving hope to Indian miners and sellers of a rebound.
This is clearly a result of positive sentiments among Chinese players as the rate of Chinese domestic steel prices reduced further last week and rebar market rebounded.
But the Chinese domestic market remains burdened with very high inventories, which would deter price rebound to a great extant.
But it is reported that Chinese iron ore spot buyers are likely to come back to purchase their replenishing stocks. Thus Indian iron ore market is likely to see some positives now.