Spot iron ore market remained quiet on limited buyers and sellers in the market. Also falling steel futures in Chinese market kept buyers cautious.
“Neither there are many buyers nor there are many sellers. PB fines of 62.5% Fe have heard to be $157.5/t up by $1.5 from previous trade. Though there is no rush from Chinese steel mills, as there prefer to wait and watch.” said a Chinese importer based in Shanghai.
Chinese steel futures down by 40 RMB on Monday, he further added.
Supply from Indian exporters still remain critical. There are limited cargoes available on Indian ports.
Market participants report that there are 2-3 Vessels lined up at Haldia and Paradip port, where as Vizag has around 6-7 vessels lined up.
“There are not many sellers from India on limited supply.Major exports are done by Essel, Rungta and Sesa Goa.Merchant exporters are almost out of the picture.” said an Indian exporter based in Mumbai.
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