Spot iron ore prices in Chinese market have been dull over weak demand for finished steel. Market participants highlight that with increased Chinese crude steel production in early April have accumulated finished steel inventories with manufacturers and stockists.
Local trades mention that buyers are hesitant in making purchases as they anticipate prices may fall further. Australian Newman fines of Fe 62.7% was heard to be concluded at $138/t CFR China on CBMX.
Another main stream Australian PB fines of Fe 61.5 offered at $137/t CFR China.
Indian Fe 63.5/63 iron fines reach at $137/t CFR China. Indian ready cargo of 54% Fe fines is being offered at 750 Yuan, around $97/t (after tax deduction), but failed to get any bids for the same.
Indian exporters maintain their Mill Scale offers at $132-135/t CFR China although bids are lower than offered price.
Indian Domestic Market
Fe 58% iron fines offered at around Rs 3,300/t delivered Vizag Port
Fe 55/54% iron fines offered at around Rs 2,800/t delivered Vizag Port
Fe 55/54% iron fines offered at around Rs 2,400/t delivered Haldia Port
Mill Scale trades at Rs 5,100-5,200/t delivered Vizag Port
Mill Scale offered at Rs 4,700-4,900/t delivered Kandla port
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