Spot iron ore market sheds yet another dollar and sentiments still remained bearish.63.5/63 Fe Indian cargo crawls to $135/t, though no deals have been heard concluded.
Chinese steel mills are not very keen to procure Iron ore from spot market over weak demand and falling Yuan against dollar.
” Steel mills in China have restricted their purchases, most of them are running from hand to mouth, fresh orders are not been placed.Fluctuating currency also a concern for steel mills. Weak Yuan has had imports expensive.” said a market trader of iron ore based in Shanghai.
“Indian supplies are very limited, as exporters are not holding much cargoes, most of Indian ports are lying idle as iron ore exports are limited and imports of coal are also negligible on weak rupee.” said an Indian exporter based at Kolkata.
57% Fe Indian cargo heard to be sold at $ 107.5/t CFR, he further added.
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