Thursday, March 03,
Spot Iron ore market in China slipped further and 63.5/63 Fe cargo was offered at $184-186/MT CNF China by Indian exporters but no deal was heard concluded..*
Chinese buyers are extremely cautiuos and buying has almost stalled in the market. Chinese steel mills are prefering to buy stock which are lying on the port.Chinese buyers have resisted the temptation to stock up on Indian iron ore before a tax hike on April 1, which will lift the duty on iron ore fines to 20 percent from 5 percent.
Huge stockpiles of imported ore at Chinese ports, which exceeded 80 million tonnes last week, are also deterring Chinese steel mills and traders from snapping up Indian material in the spot market.
“There is absolutely no buying in the market. Falling spot prices and hike in duty have sucked all the margins.” said an Indian Exporter based in Orissa.
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