Iron ore fines prices down by USD 4/MT with Fe 63.5/63 standing at USD 125/MT CFR China. The prices are down by USD 6/MT from last week.

Iron ore market is witnessing weak buying interest owing to poor demand of finished product in winter (less construction activities) and because Chinese traders are in Lunar New Year holiday.

Observing the poor demand calls and the bearish sentiments of Chinese Iron ore market, Indian Exporters have preferred to wait & watch, rather than selling Iron ore at lower price.

Currently, Iron ore fines are traded at following prices (as on 21 Jan, 2014)

Fe 63% Iron ore fines sold at USD 124/MT CFR China

Fe 62% Iron ore fines is offered at USD 122/MT CFR China

Fe 61% Iron ore fines are at USD 119/MT CFR China

Fe 60% Iron ore fines stands at USD 115-116/MT CFR China

During Spot trading in Chinese port, PB fines Fe 61.5 are offered at RMB 860/WMT, drop by RMB 10/MT at Qingdao Port. Foreign price quoted for it is at USD 125/DMT CFR China, fall by USD 2/DMT. Currently, Square billet prices stand at RMB 2,860/MT (EXW; VAT included) in Tangshan, down by RMB 20/MT on Monday.

USD 1=RMB 6.1066