Falling Rupee against US Dollar and Rising spot iron ore prices in Chinese market have prompted Indian iron ore traders to raise offers in domestic market.
With Indian Rupee descending just below 64 against USD, an all time low, has made Indian iron ore traders capitalize by raising offers up to Rs 100/MT. According to trade sources, current offers for Fe 56% iron fines stands at around Rs 3,000-3,100/MT (Delivered Vizag Port), Fe 54% at around Rs 2,700/MT (Delivered Vizag Port) and Fe 59% at around Rs 3,400/MT (Delivered Vizag Port). However, buying interest remains little below than offered prices.
It is being heard that Indian exporters are offering 63% fines at around $142/MT CFR China and Mill scale at around $126/MT CFR China (in Bulk).
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