Benchmark 62% iron ore’s spot price rose by $1.83 to $ 120.25 a tonne on Wednesday, based on SteelHome consultancy data SteelHome China Iron Ore Price Index (SHCNOI).

As Chinese National Day is approaching, the overall transactions were slack on the spot markets. For mills, most of them had finished pre-holiday procurements.

Currently, in Tangshan, the supply of tradable iron ore products has increased, due largely to restricted shipments out of local ports.

SteelHome considers that iron ore prices may keep stable in the short run amid robust demand.