Seaborne Iron ore prices in China are trading low by $ 2/MT and prices of 63.5/63 Iron ore are standing at $ 141/MT CNF China in comparison to prices quoted on Wednesday.
Prices were on the higher side on Wednesday due to an increase in demand. Spot Iron ore market touched the five month high benchmark and Iron ore fines are being traded at $143 CNF China.
Iron ore imports to China has increased and importers are stocking the material for upcoming months.
Stock of Iron ore was low till June, due to non stocking of the material in the first half of the year. However, some Chinese traders are anticipating that the prices of Iron ore is rising above expectation, and should come down in future.
PB Fines was offered at RMB 950 and traders are in a hurry to book their deal so as to close it in a favorable price.
Indian miners are exporting more cargo on rising demand and good margins.
Indian Iron ore price in domestic market are on the lower side.
India domestic market offers for Fe 56 Grade Iron ore is at around Rs 3,000 (delivered to Vizag Port).
Mill scale offers also moved up to Rs 5,600-5,700 per tonne, delivered Vizag port.
Miners such as Rungta are using railway as the mode of transport despite the differential freight charge for export.
Billet EXW price in Tangshang remained bouncing RMB 30 to RMB 3,210/MT.
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