Falling spot iron ore prices show some signs of stability. Offers remain almost unchanged for imported iron fines.With most steel mills in China prefer to buy from ready stock available on port, sources report that inventory levels have reduced to about 20 days.
“There is not much scope of correction expected further in imported cargoes as it has over done in last few weeks.Many mills look to adopt hand to mouth strategy. Every small demand we can see iron ore prices rallying.” said an iron ore trader based in Qingdao port.
On the other hand Indian exporters and miners have almost stopped stocking iron ore at Indian ports.Big miners in Odisha have also heard to cut productions in recent time.
Indian 63.5/63 Fe stay at $95-96/t CFR though last offers heard from Indian exporters were at around $102-103/t CFR.
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