Tuesday, June 07,
A sharp jump in the forward swaps market on Monday had already signaled for a recovery in prices. And as, expected spot iron market in China opened with a price hike on Tuesday.
Indian exporters quote Fe 63.5/63 at $ 179-181/MT i.e. up by $ 4-5/MT from the last week’s quote as demand looks slightly better.
Supply from Goa, one of the major ports in India has come to a standstill due to monsoons and the situation in Karnataka is still not clear as shipments are likely to resume within 15 days. But traders said they did not expect overseas sales to pick up before September when the monsoon season traditionally ends.
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