With falling steel prices in Chinese futures and physical market, spot iron ore prices continue to extend losses on negative sentiments. Traders report that Australian cargo of 61% was sold at $118/t CFR on CBMX, down by $2-3 from previous trade.
Indian exporters not heard to be offering any cargo. With port statistics, it is noticed that number of vessels lined up at Indian ports for exports of iron ore has reduced drastically. There are hardly 4-5 vessels in line.
“Over all situation is not very encouraging. If things move on like this, it is sure that exports of iron ore from India will completely stop. There are no offers as current prices in Chinese market are much lower that our cost of procurement.” said an exporter based in Mumbai.
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