Spot Iron ore prices in Chinese market dropped marginally on Friday morning. Traders feel that prices have gone up more on limited availability of main stream cargoes rather than improved demand in finished steel.
Indian exporters are offering Fe 63.5/63 at around $129-131/t CFR China. Rising prices and depreciating rupee have improved realization for Iron ore exporters in India. Quite a few merchant exporters are actively stocking at Paradip port.
“Markets are better than last month. Quite a few deals have been done from India this month. The current price for Fe 63.5/63 is at around $130/t CFR and 59/58 is at around $115/t CFR China. Also waiting period at Paradip and Haldia port is 8-10 days , where as Vizag port is 2-3 days,” stated a large Iron ore exporter based in East India.
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