Friday 04 March
Spot Iron ore was heard traded at $182/MT for 63.5/63 Fe cargo on CFR China..*
According to market participants a deal was heard concluded at $182/MT by Essel Mining Industries. Demand still remianed weak and Chinese mills prefer to wait an watch.
Where as few more deals were heard done by Sesa Goa, largest Indian exporter. 58/58 cargo was sold at $149MT, 52/52 was sold at 82.50 on CFR basis said sources.
The physical iron ore market seems to be playing time game and most of the players adapting wait and watch approach. Sellers with the ability to hold on are doing so as they do not see any point in making offers in a market where there is no active participation.
There is a hear say about iron ore organizations making attempts with Indian government to partially roll back the increased export duty. The Indian railways increased the freight rate by Rs 100 per tonne w.e.f 03rd March ‘11 for Iron ore meant for exports.The deal prices seem to be scattered as the market is not stable and deals are done basis the buyer’s / seller’s desperateness.
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