Spot Iron ore market in China continued to stay strong with Brazilian cargo of Fe 64.7 Iron ore fines, being concluded at around $168/MT CFR, which is expected to arrive on Chinese port in the month of March.
Meanwhile, an Indian exporter concluded a bulk parcel of Mill Scale at around $139/MT CFR, anticipated to arrive China in Mid of March.
Chinese traders are not very comfortable bidding at higher prices. Most of them are of the opinion that prices are moving up because of limited stock at Chinese ports. Otherwise, steel demand is still not encouraging.
India:
Supreme Court is yet to take a decision on CEC's report of allowing B grade mines in Karnataka to start operations, but with certain conditions.
There are no hopes of a better Iron ore exports market anytime soon.
Certainly, there is some relief for steel mills based in the state, as the Iron ore supply crisis has hit the industry hard.
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