It was a quiet end to the week with lesser trading activities seen in the market. However the iron ore market continues to look firm despite a second day of loss in the Shanghai Re-bar futures.
Monsoon rains in India, logistical problems and policy issues continue to disrupt iron ore shipments. And as a result Tight Indian supplies have lended support to the iron ore prices.
“Market sentiments are not too strong but limited supply from India should keep the prices firm.” said an Indian exporter based in Mumbai.
Buying interest for low grade ore remains particularly strong, and Indian
fines with 58% Fe were offered $156/MT, where as Fe 63.5/63 is offered at $188-189/MT , including cost and freight.
Market players are eagerly waiting for the results of an Indian tender this week to get some direction.
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