July 14,
Chinese Steel mills are still hesitant to buy iron ore at $124/MT (CFR ) China. This is mainly because of
1. Weak demand
2. Most of the plants running at half production capacity
3. Govt elimination of export tax rebate
The Iron ore swaps market was stable on Tuesday. August traded at $108 & later at $107, little change from the previous trading day. September traded at $107 also. Q4 traded a few times between $106 and $108. TSI 62% Fe was marginally lower, by 0.42% to $117.6. Platts 62% Fe was unchanged at $118.5.
Reported by Richa Sharma (richa@steelmint.com)
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