With rise in spot iron ore prices in Chinese market, Indian domestic traders who were quiet for long time have started floating offers to Indian exporters.
Sources tell that Fe 58 iron ore fines was offered at Rs 2,700-2,800/t (delivered Vizag port), although bids were as low as Rs 2,500/t.No major transactions were heard in the market.
“Markets are still uncertain, we are not sure which direction will it head to. We have currently not making any purchases. Though there are many offers for low grade fines in the market.” said an Indian exporter based in Mumbai.
Chinese sources tell SteelMint that markets are still unpredictable at the moment and most of traders believe that correction of $4-5/t is expected next week.
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