IRON ORE DAILY: Seaborne prices up on firmer buying interest

摘要

Seaborne iron ore prices rose on Tuesday February 4 alongside an uptick in buying activity in the seaborne spot market. Market participants are still waiting to see what the short-term impact of the novel coronavirus will be, but most believe the epidemic will add a drag on the overall Chinese economy. Some traders believe overall demand will be weaker because various downstream sectors including the construction, manufacturing and logistics are likely to be affected due to lockdowns imposed by the Chinese authorities on some cities in an effort to contain the spread of the virus.