Mill scale market fails to get immunity against falling seaborne iron ore prices in Chinese spot market, which suffered its sharpest fall in more than a year this week as steel traders and mills rushed to dump their stocks amid fears over the outlook for Chinese demand.
Market participants in China highlight that mill scale prices have down significantly in line with iron ore prices , current prices for Fe 68-70% Mill scale are in the range of $113-117/t CFR China in bulk, however not many sellers are keen to put their cargo on offers.
“Mill scale is imported not in large quantity, most of it is being imported from Middle East, Turkey, India and Pakistan. Prices have dropped from $130/t to around $115/t CFR in last few weeks. Buying interest has been really week as iron ore available at much cheaper price.” said a trader based in Shanghai.
In Indian market, exporters hold their offers as cost of buying is much higher than current prices in Chinese market. Currently mill scale is being traded in the range of Rs 4,700-4,900/t delivered Vizag Port.
Leave a Reply