(MENAFN - ProactiveInvestors - Australia) Pilbara 61 percent grade iron ore fines were sold on Monday on the China trading platform at 146 a tonne, up a dollar from a previous tender.
This is down from the recent high of 159 a tonne, a 15 month high.
Despite tighter supplies expected during the first quarter, there is evidence that some buyers are waiting for iron ore prices to abate before re-stocking.
Support for prices was seen at around 140 a tonne.
Iron ore with 62 percent iron content slipped 0.2 percent to 145.10 a tonne on Friday, the lowest since Jan. 2,
The price fell 6.3 percent last week, but remains 67 percent higher than the three-year lows touched in September.
The price of steel billet in China's key Tangshan area fell by 8-11 a tonne last week amid slower sales.
Tight iron ore supplies are in part due to weather risks in Australia and a likely spike in China's crude steel output to tap into a strong construction season in March.
This should provide support for iron ore prices.