Iron Ore Steadies on Slowed Demand For China Holiday

Reuters Africa reported iron ore prices steadies as demand slowed with the approach of Lunar New Year.

As quoted in the market news:

Iron ore hovered near seven-week highs, lacking momentum to rise further with demand from top buyer China waning ahead of the Lunar New Year and blunting the impact of weather-related supply disruptions.

Offer prices for imported iron ore in China were unchanged on Friday, suggesting index-linked reference prices which global miners use in setting contract rates would remain steady.

Click here to read the full Reuters Africa report.