Despite falling steel futures and spot prices in China, spot iron ore prices have managed to remain stable for last 2-3 days. Sources report that it is big mills which are buying sea borne iron ore in good quantities.
“Falling steel prices still a concern for Chinese steel industry though sot iron ore prices fall have stalled on some buying from state owned mills.It is early to say if spot prices have stabilized at these levels certainly there is limited scope of correction.” said Mr Hudson an iron ore trader based in Rizhao port.
There are no offers heard from Indian exporters recently though Sesa Goa has offered 57/56 % Fe iron lumps for sale, which will be tendered in a day or two, he further added.
Indian mines secretary reported that we are considering to propose cuts on duty and freight charges on export of iron ore has given some ray of hopes but when will it actually be implemented is difficult to comment.
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