Friday, May 13,
Indian exporters quote Fe 63.5/63 at $186-$187/MT i.e. broadly unchanged from the previous day.*
Activities in the spot iron ore market were less and prices are expected to remain firm in view of reduced supplies due to approaching monsoon in India.
China has been aggressively boosting domestic production of iron ore to cut reliance on imports but it would be difficult to cut imports by more than 50 percent before 2015 given strong steel output in China, the world’s No. 1 producer, said analysts.
However, in shorter term, it might take a while before Chinese mills strongly build iron ore stockpiles, as inventories of imported iron ore at Chinese ports stood at nearly 83 million tonnes on Friday, near a record set in April.
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