With Chinese market re-opening yesterday after a week long holiday, buying interest was seen intact as most of the buyers were running short on inventories. An Australian cargo (PB fines) was heard to be concluded at around USD 131.25/MT,CFR China.
On similar lines, Indian exporters also kept their offers firm. After speaking to several exporters, SteelMint assessed that 60% Fe fines from India is being offered at around USD 103-104/t FOB India East coast and USD 123-124/MT CFR China.
Exporters also highlighted that, Director of mines (Odisha) has asked sponge and steel manufacturers, based in Odisha, that fines generated during processing can not be used for export purpose. Quite a significant quantity of low grade iron ore fines was being exported from medium to small sponge units based in the state.
Indian exporters mention that over all margins have dropped since Rupee has appreciated and railway freights have gone up.
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