Indian exporters held 70/68% Mill Scale offers unchanged at around USD 105/DMT CFR China (in bulk).
- Chinese buyers see buying interest at around USD 102-103/MT CFR China
- Spot 62% Iron ore prices stable at USD 95-96/MT CFR China
Mill Scale offers remain steady at around USD 105-106/MT CFR China (in bulk). Prices are in line with spot Iron ore prices, which recovered from 2-year low of USD 89/MT.
“Although, there are not many sellers from India but Chinese buyers are also not willing to take position at current levels. We see a tradable price of USD 102-103/MT CFR China for 70/68% Mill Scale. Most of steel mills prefer Iron ore over Mill Scale,” said a Chinese trader based in Nanjing, China.
On the other hand, Indian exporters highlighted that with higher realizations in domestic market, there are not many export offers. Last trade was heard to be settled at INR 4,000-4,100/MT (delivered Kandla port).
India had exported around 1.2 MnT of Mill Scale in FY14.
Mill Scale is a byproduct generated during re-rolling process. It does not attract any export duty of differential freight rates unlike Iron ore.
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