China: Spot iron ore stays firm at $190/m; buying slightly weak

Thursday, May 05,

Spot iron-ore prices in China stay firm. Indian exporters keep the quotes for Fe 63.5/63 at $ 190/MT.*

There had been concern that steelmakers in China may curb output in view of power shortages. However, supply from India is likely to remain tight due to approaching monsoons and delay in issuing of transport permits from Karnataka.

According to SSY, the world’s second-biggest shipbroker, “The spot market looks set for a high-priced period. The construction season has picked up after a stuttering start, while iron-ore supply from India is tightening as the monsoon season approaches and steel demand in China is buoying prices”