There is no stopping on rising iron ore prices in spot market. Offers continued to stay strong from Australian and Brazilian miners on positive sentiments and rising steel prices in Chinese market. Sources tell SteelMint that many steel mills have raised their flat steel prices by 50-60 Yuan in last few days on improved demand.
Australian PB fines of 61% Fe is heard to have concluded at $147-148/t CFR China, whereas Indian exporters offer 63.5/63 Fe at around $149-151/t CFR and 59/58 Fe at around $132/t CFR China.
Indian exporters also raise Mill Scale offers to $155-157/t CFR China (up by $7-9 from last week)
Domestic Market-India
With rising prices many exporters and miners have started stocking stocks at Indian ports. 63/63 Fe iron ore fines heard to be offered in the range of Rs 4,300-4,400/t delivered Vizag port. Mill scale is being traded at Rs 5,100-5,200/t Delivered Vizag port.
Indian Export Duty on Iron Ore
Sources tell SteelMint that steel ministry is not considering any withdrawal on export duty on iron ore in the union budget to be presented in the month of March.
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