Spot iron ore prices in Chinese market soften further on slow demand. Bids continue to go down and Australian 61.5 PB fines was asked for $134/t CFR China on CBMX exchange, where as offers stand at around $135-136/t CFR China.
“Spot prices are down at the moment. There are more sellers than buyers. Indian exporter heard to be offering 62/61 Fe cargo at around $132-133/t CFR China, but no importer or steel mill has shown interest till now”, said Mr. Hudson, an iron ore trader based in Rizhao port China.
A cargo of 56% Fe South African material was heard to have traded at $110-111 but apart from that there were only offers and no bids, he further added.
Indian Domestic Market
Movement has almost stalled in last few days over falling spot prices in Chinese market and hike in truck freights. Current offers from Jharkhand mines stand at around Rs 1,800/t for Fe 62% Iron Fines on ex-mines basis and freight assessed to Haldia is around Rs 1400/t and Vizag is in range of Rs 1,800-2,000/t.
In a recent report by Indian customs, iron ore exports from April 2012- Jan 2013 stood at around 14.5 million tons.
Leave a Reply