Spot iron ore market sentiments remain bearish on euro crisis

On going Euro crisis and over production of crude steel in China is hitting steel industry.Market participants do not see steel prices rising significantly despite ambitious announcements by Chinese government on speeding up infra projects.

Spot iron ore prices remained in the range of $137/t for 63.5/63 Indian iron ore fines, though no deals have been heard concluded. Though indexes show some positive movement as Australian cargoes were bid slightly higher.

“There are hardly any cargoes with Indian exporters, more over Goa will be shut soon due to monsoon.Tentative price for 63.5/63 should be around $137/t looking at current situation.” said an Indian exporter based in Goa.