Indian exporters raise offers for mill scale and iron ore by $2-3/t on improved buying from Chinese steel mills.It is reported that a big Indian miner sold 63.5/63 at $139-140/t CFR China. Where as another cargo of 55/54% Fe concluded at $104/t CFR (up by $2 from last week).
Where as offers for Mill Scale (waste of rolling mill) offers stand at $145/t CFR, up by $3/t from last week.
China Steel Iron Association (CISA) also report that crude production of steel has gone up last month to 2m tonne per day.Though market experts are not very bullish on further rise.
“We are not very bullish on further price hike as most mills keep productions at low levels in July- August due to summers.Spot prices should hover in the range of $130-150/t for next few months.” said a big exporter based in India.
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