Spot iron ore market which showed symptoms of stability this week failed to hold resistance and prices fell over $ 2-3 per tonne primarily on falling steel prices in China.
“Indian cargo was asked lower by 10 yuan where as Australian and Brazilian cargoes were asked lower by 20-30 Chinese yuan.There is no stopping on fall in steel prices in China.Manufacturers do not want to hold their inventories for long and are ready to sell at discounted prices. Australian PB fines was sold at $88.8/t via tender , where as Brazilian 65% Fe was sold at around $95/t CFR. No new offers are being heard from Indian exporters.” said an iron ore importer based in Rizhao port.
Leave a Reply