Indian exporters cut iron ore fines purchase from local market

Indian exporters have reported to cut purchase of iron ore fines from domestic market on falling prices in Chinese spot market and strong Rupee against dollar.

“There is almost zero buying from Indian exporters as Rupee has recovered sharply (currently at 54.95/USD), last week there were quite a few deals.Today 56% Fe is asked for Rs 2,500/t (F.O.R Vizag) which was trading at Rs 2900-3000/t last week.” said an iron ore trader based at Vizag.