Tuesday, March 08,
Spot iron ore market in China remains dull. Tight liquidity and uncertain demand keeps Chinese buyers cautious. Fe 63.5/63 Indian cargo is being quoted at $ 180/MT..*
Port stocks in China, above 80 million tonnes, are around record highs as Chinese consumer hold back from buying, hoping for prices fall and a pickup in steel demand.
Markets may see some support after Australian miner Fortescue Metals Group trims its March quarter production guidance to a range of 8.5-9.0 million tonnes, down by 0.5 million tonnes, as heavy rains have hit its mining operations in the Pilbara area of Western Australia.
Rio Tinto , which also mines iron ore in the region, said its operations had been impacted by adverse weather conditions during the first quarter, but that it will announce any impact in its quarterly report. Other smaller miners in the area may also have been affected, traders said.
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