Some sign of stability is noticed in Chinese spot iron ore market on Friday as there were few queries from Chinese buyers. Though market has mixed sentiments, Indian exporters feel that markets have almost bottomed out and on the other hand Chinese steel mills say prices might come down to $125/t.
“There are few queries from Chinese buyers for low grade iron ore, since Goa will be shut for a month from June on wards some Chinese traders want to secure raw material at this time. 63.5/63 Fe Indian cargo is hovering around $135-136/t CFR.” said a large Indian exporter based in Mumbai.
It is also noticed few large miners have started stocking cargo at Vizag port. 58% Fe fines heard to be traded at Rs 3,100/t (FOR Vizag), he further added.
“There is some queries for Mill scale (waste produced from rolling mills) from China as it is used in sintering and pelletization plants. It is offered around $140/t CFR.” said an exporter based in Kolkata.
Interestingly it does not attract any export duty, he further added.
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