Seaborne iron ore prices in Chinese market continue to trend downwards on added pressure from sellers. Market participants highlight that with limited buying interests sellers are offering their cargoes at a discounted price. Australian 62% Fe fines was offered at around $129/t CFR China, though bids were lower than the offered price.
Indian 63.5/63 Fe cargo reaches at $129-130/t CFR China, but Indian exporters prefer to wait and watch till prices get better. In Indian domestic market few trades of Fe 62% cargo was heard to be done at around 3700-3800/t delivered Vizag port. There is no major buying interest seen from merchant exporters and it seems most of them have either switched to some other commodity or planning to shut their shops.
Mill scale trades at around Rs 5000-5200/t delivered Vizag port and Rs 4600-4700/t, delivered Kandla port.
Leave a Reply