The spot iron ore prices eased by another 2% to 6% last week setting at rest all speculation of a plausible bottoming out and restarting of furnaces by mills in Hebei Province.
The sentiments remained largely mellowed as the buyers opted for caution over any charge.
But on the weekend it was reported that prices of iron ore remained stable despite the Chinese buyers being on holiday. In fact some sign of pickup in demand were noticed as a 63.5/63 parcel was reported to be finalized at USD 146.5 per tonne CFR China.