Seaborne iron ore prices in Chinese spot market remained firm despite low trading volumes. Many traders in China believe that there is limited scope of further rise in iron ore prices specially after Bao Steel, kept its steel prices unchanged.
Current prices for Indian 63.5/63 Fe are in range of $141-142/t CFR and Australian PB fines at $141/t for Fe 61.5.
“We do not see major increment in prices from these levels, even if prices go up , it may not cross $145/t CFR. There has been certainly less supply of spot iron ore, specially from Brazil. Steel mills are bit uncomfortable buying at these levels.” said an iron ore trader based in China.
Indian Domestic Market
Indian iron ore prices are at same levels, Fe 59% iron fines being offered at around Rs 3,500/t delivered Vizag port and Mill Scale being offered at Rs 5,150/t delivered Vizag port.
Indian exporters are not holding much stock at the moment.
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