With iron ore prices in Chinese spot market surging high on improved demand and low inventory levels, Indian iron ore miners and exporters might also join the party. Chances are also high that miners will raise their iron ore fines offer in domestic market, said market experts.
“Current 63.5/63 Indian iron ore fines prices are hovering around $130/t CFR and $115-116/t FOB at Vizag port. Considering 30% export duty and railway freight, chances are high that large miners like Rungta and Essel will focus on exports. This might lead to rise in domestic fines prices as well.” said an iron ore trader and exporter based in Odisha.
Although merchant exporters will not have much scope till CFR prices reach 140-150 levels, he further added.
Leave a Reply