Tuesday, July 05,
Spot iron ore prices rose marginally on Tuesday on some restocking activities seen from Chinese steel mills. However overall demand continues to be thin and prices are expected to remain in tight ranges.
Indian Exporters sold Fe 63.5/63 at $178/MT i.e. up by $ 1/MT from Monday.
In the Iron ore forward swap market, the Singapore Exchange-cleared July contract went up by more than $5 to reach $168.87/MT, signalizing for the price gain in the physical market to sustain. However, traders believe the price gains to be short-lived as the demand is not so strong.
According to traders, “There were few inquiries about cargoes from traders. But even if they buy, they will probably buy in small quantities. Prices may move up by another $3-4/MT before subsiding again as demand is not very strong and steel mills are cautious in procuring larger quantities”
Reported by: Monica Patnaik (monica.patnaik@steelmint.com)
Leave a Reply