Spot iron ore fines market in China remained steady at $138/t CFR. Chinese Steel prices improved as buyers are optimistic on new stimulus policies by the government. Steel prices pick up by 10-30 RMB in China.
A Brazilian miner sold two cargoes (lump and fines) via open tender and one fines shipment across CBMX. An Australian miner sold one high grade cargo and two low grade fines.
Indian cargo of 58% offered at $118/t from East coast port of India, though deal has not been heard concluded. 57% Fe heard to be concluded at $112/t CFR. Indian exporters anticipate prices to rise further in near term as supply will be more critical during monsoons , which will start from mid June.
Mill Scale:
Indian exporters offer mill scale (waste from rolling mills) which is equivalent to high grade iron fines (68-70%) at $141-142/t CFR, where as 63.5/63 fines are trading in the range of $138/t.
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