Iron ore prices in Chinese spot market corrected by $2-3 per tonne on weak buying interests. Australian PB fines of Fe 61.5 was concluded at $138.5/t CFR China (previously $141), and Indian Fe 63.5/63 at $139-140/t CFR.
“Spot iron ore prices fell over 20-30 RMB on low buying interest from steel mills. Steel demand in domestic and global market has not been too encouraging. Low supply should support fall in prices.” said an iron ore trader based in Rizhao port, China.
Indian Domestic Market
In Indian market exporters slowed down their purchases from local market on falling prices in China and rising truck freight charges in India. An Indian exporter heard to have concluded Fe 59/58 cargo at around $124/t CFR China.
Mill Scale exporters also cut down their purchase price by Rs 100-150/t. Current buying price for 70/68 grade Mill Scale is around Rs 5,000-5,100/t delivered Vizag port.
Leave a Reply