The pessimistic sentiments in Chinese market could spell out gains for Indian iron ore suppliers in near future. The iron ore prices hovering over little above USD 70/MT or lesser has open up the doors for an increased import to India.
According a market source a vessel is already on its way to reach Kandla Port on 20th May. The same official considers that the lowering prices is an opportunity for Indian market and believes that a considerable restocking may happen before we hit monsoon. The rains may halt some business for a period but there are already some bookings for next two months to arrive at Kandla, Krishnapatanam and Mormugao ports.
No manufacturer in China have considered replenishing the stocks while inventories at port have not been slashed enough keeping the prices stagnant in global market today.
Presently offers for South African (Assmang) lump are heard at USD 77/MT, CFR India
Spot iron lump premium down marginally this week – Spot iron lump premium has fallen this week marginally. Presently it is assessed at USD 0.0415/MT, CFR China
Billet
Billet traded at 2,880 Yuan (USD 418/MT) with VAT in Tangshan, up 30 Yuan (USD 4.40/MT) on Thursday with a decrease of 60 Yuan (USD 8.70/MT) yesterday.
Dalian Commodity Exchange
Iron ore futures contract closed at 505.50 Yuan (USD 73/MT) today, down 0.50 Yuan (USD 0.10/MT) from yesterday’s closing price.
Shanghai Futures Exchange
Rebar futures contract closed at 2,917 Yuan (USD 423/MT) today up 24 Yuan (USD 3.50/MT) from yesterday. 
Leave a Reply