Spot iron ore market steadies
after the recent rally for nearly three weeks. China steel futures also fell for a
third day running on Tuesday, reflecting thin demand in China which has begun
to curb producers' appetite for key raw material iron ore.
Offer prices for Australian and
Indian iron ore cargoes dropped by another dollar with Australian Pilbara fines
at $144-$146/MT and Indian Fe 63.5/63 fines at $150/MT.
“Quality dispute at Chinese ports has left Indian exporters worried. There are disputed Indian cargoes lying on Chinese ports.: said an Indian exporter based in Mumbai
Non-availability of iron ore has brought the waiting period at Paradip Port to zero, he added.
“The market's become a bit cautious with steel prices in China dropping. Mills are now holding back on their purchasing,” said a manager for an iron ore trading company in Shanghai.
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