Wednesday, March 16,
Spot iron ore prices remains unchanged. Offers for Fe 63.5/63 Indian cargo stays at $170/MT on CNF basis..*
Few traders are looking to pick up cargos diverted from Japan following the suspension of a number of ports and mills in the country.The diverted shipments are mostly coming from Brazil & Australia.
Bao Steel & Wuhan Steel in China have kept its prices unchanged for April anticipating demand from Japan. However, steel prices are expected to rise in medium term.
Diverted shipments from Japan might lead to oversupply of Coking coal and Iron ore in International market which might soften raw material prices to certain extent.
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