Thursday, July 28,
Spot iron ore prices in China remain firm on Thursday as lesser supply of high-grade Indian ore is encouraging miners to ask for higher prices. While Chinese steel mills are showing reluctance to pay higher.
Offer for Indian fines Fe 63.5/63 stands at $184-185/MT, i.e. same as the previous day’s quote.
The situation in Karnataka is still not clear as the state has not yet issued any permits to export iron ore, even though nearly three months have passed since a ban on shipments was lifted.
According to traders in China, “The supply of high-grade iron ore is very low, driving Indian miners to raise offer prices even though many small Chinese steel mills are keeping away from the seaborne market. We are trying to keep our inventories at the minimum level and I feel steel mills also don’t want to buy any more in the face of higher prices”.
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