Seaborne iron ore prices remain firm from the beginning of this week. However, the spot market has decreased their price to entice the buyers last week.
Currently, the market remains stable due to uncertainty in the price. The Iron ore fines prices for Fe 63.5/63 CFR China is at USD 128, which is down by 3% since last week.
The possible reason behind slow consumption of Iron ore by china is the numb movement of the Chinese economy.
China's current GDP is 7.5% which is lowest & slowest since last 23 years. Buying interest is uncertain in the market as buyers are in a perplexed state over prices which might get weak in coming days.
Billet EXW price rose about RMB 10 to RMB i.e. 3,180/MT.
There is a decrease in Iron ore prices in India as compared to International market which has encouraged the export of Iron ore.
The exports have witnessed an increase of almost 40- 50% from the eastern coast of India since mid June.
There is a continuing increase in export of Iron ore from Paradip port. The probable reason behind this increment is slow Indian rupees against dollar.
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