Friday, January 21,
Some resistance seen in Iron Ore buying from Chinese buyers as 63:5/63 Fe cargo was quoted at $188/MT but it was difficult to find any buyer at this rate said market participants.
” Few exporters are willing to sell off their cargo at $186-187 but not able to find a buyer. This is because exporters are worried about hike in export duty by Indian govt and they have to sell it at lower margins. They want to clear off their position before hike is implemented.
More over Chinese are well aware that govt might increase export duty and Indian exporters will be desperate to sell off their cargoes. Prices are expected to fall further if buying remains weak for next few days.” said an Indian merchant exporter based in Mumbai.
For more on this news pls contact info@steelmint.com
Leave a Reply