Wednesday, May 11,
Spot iron ore prices remain stable and suppliers show resistance on reducing their prices further.*
The rumors of electricity cut backs have created a negative sentiment and buyers have taken a very conservative approach towards making new purchases.
Indian Exporters quote Fe 63.5 at $187/MT including freight, in China on Tuesday, i.e. unchanged from the previous day’s quote.
According to traders, “Purchases are getting less. People want to wait and see whether prices will drop further. Chinese mills have some stocks at the moment so they don’t need to hurry to get cargo. But I’m sure they will buy again, may be by the end of this month or at the start of June”
Uncertainty over the outlook for steel demand have also prompted Baoshan Iron & Steel to keep prices of its main steel products unchanged for June bookings.
Baosteel’s move comes after price cuts in May which was its first reduction in nine months.
Leave a Reply