Spot iron ore prices are on track for a modest decline for the week, after three weeks of gains

Spot iron ore prices are on track for a modest decline for the week, after three weeks of gains. There has been limited buying interest from Chinese mills that are wary steel demand is unlikely to perk up anytime soon. Steel prices in China, the world's biggest consumer and producer, have fallen more than 5 percent in the past two months and have remained weak in November. Mills are not running slim on inventory and I feel that prices should drop because fundamentals are quite weak, said a Shanghai-based iron ore trader. We are already overstocked because we have crossed half a million tonnes of cargo, but there's no need for us to panic given that the market's been really stable. So we're just waiting for better offers, said the Shanghai trader.