Indian merchant exporters make purchases from domestic market in small quantities amid some stability in spot market in China. Recently a cargo of 10,000 tonnes of iron ore fines (Fe 55/54) was sold at INR 2,900-2,950/MT delivered Vizag port.

With spot iron ore prices looking to stabilize in Chinese market, Indian merchant exporters have started purchasing cargoes from domestic market, but in small quantities. An exporter based in eastern region of India confirmed that 2 cargoes of 10,000 tonnes each was bough at INR 2,900-2,950/MT and INR 3,300-3,350/MT (delivered to Vizag port) for grade 55/54 and 58/57 respectively.

Spot iron ore prices in Chinese market remained stable with Fe 63.5/63 prices hovering in the range of US$ 134/MT CFR China. Market participants highlight, as Chinese new year is approaching fast, buying interest will tend to go down. Although chances of prices moving down is limited.

Buying interest for Mill Scale come down marginally in Indian market

Another Mill Scale exporter mention that currently buying interest for mill scale of grade 70/68 Fe is largely hovering at INR 6,000-6,100/MT delivered Vizag Port and INR 5,700-5,800/MT delivered Kandla port.