Thursday, May 26,
Spot market for Iron ore continues to show a downward trend with very few trades being reported.*
Indian exporters quote Fe 63.5/63 at US$ 181-182/MT (CNF CHINA).
The uncertainty on price stability is too much due to inconsistent information on the steel markets and its demand.
However, supply form Indian, one of the major suppliers, is said to be restricted in the coming month as mining operations at Goa will be shut down from the first week of June once the South-West monsoon hit the costal state.
Moreover, the survey on illegal mining activities at mines in Karnataka will be over by the end of June and till then the mines under review cannot carry out any kind of mining operations. So, the constrained supply from India might boost exports from Australia & Brazil by around 10 to 15%.
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