It's reported that the spot iron ore prices have surged sharply after the Chinese New Year holiday.
At present, the spot prices of Indian iron ore fines contain 63.5% Fe are at US$159.5~US$160.5/ton, rising by US$4/ton from the previous quote of US$155.5~US$156.5/ton C&F.
Accordingly, it's expected that the steel market might stay in upward trend, driven by sharply surged spot iron ore prices.