Indian iron ore exporters are found to be quiet as again global iron ore prices (Fe 62% Australian fines) turned down and reached to a level of USD 54/MT, CFR China on 01 Apr’16.
Currently, export offers for Indian iron ore fines Fe58/57 are heard at USD 33/MT, FOB India and USD 39-41/MT, CFR China, considering freight from India to China of USD 6/MT. However, upon such price level, as of now no trade had been heard. India exports majority of low grade to China.
The expected buying by Indian exporters for Fe 57/58 fines would come around at INR 1,400-1,500/MT FoR, Vizag Port.
Global iron ore prices have witnessed a downtrend in a month time. Prices are down by USD 9/MT in a month time. In Mar’16, upon sharp increase in global iron ore prices by USD 12/MT, Indian iron ore exporters turned active. But, as the global iron ore prices are again dropped down to USD 9/MT in a month time, they are quiet and in a wait-an-watch situation to see how the global market moves.
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