Iron ore stable, mills cautious about spot buying

摘要

Iron ore prices were stable Tuesday as cautious sentiment offset replenishing needs among steelmakers. Platts 62% Fe IODEX was stable at $51.25/dry mt CFR North China. There were more inquiries emerging from mills who needed to procure after the recent prolonged price declines — Chinese buyers typically hold off while prices are falling and procure when they begin to rise.