August 23,
The CNF (China) prices for Iron ore went down to $154/tonne. As per the exporters this could be because of fewer buyers and weak buying sentiments in China.
Inventories at major ports in China have fallen to 71MT from 75.5 MT. Provisional export figures collated by Federation of Indian Mineral Industries (FIMI) from various ports indicate that July exports were down at 4.74 million tonnes, against 6.55 million tonnes in July last year. This could be because of dip in Chinese demand and also the export ban in Karnataka.
“Importers in China are watching the situation and so far, there have been no cancellations of contracts as such,” said Mr David Pichamuthu, Director, FIMI.
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