Sea borne iron ore demand to world's largest importer, China, continued to remain subdued on falling steel prices and also government's concern over tapping fast growing realty sector.
Despite news of cyclone in Australia, sentiments among traders and steel mills were hard to lift on the fact that steel prices are falling down in Chinese domestic market. Some traders believe that cyclone will certainly hit supply from Australia, but softening steel prices are resisting importers to make aggressive purchases.
INDIA:
Federation of Indian Mineral Industries has sought for cut in export duty and freight charges for exports of iron ore from India in the Union budget to be announced on 28th Feb 2013.
Although many experts believe that government is not willing to encourage exports of natural resources, in fact they want it to be processed here and then exported.
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