Indian iron ore traders have kept their offers unchanged to exporters despite falling spot iron ore prices in Chinese market, which have fallen up to $5/t in last three trading sessions. Current prices for 63.5/63 are in the range of $115/t CFR China.
Indian traders mention that cost iron ore fines in domestic market has not changed much. All low grade fines (54%-59%) is procured from sponge plants and crushing units located in Odisha, Jharkhand and Chattisgarh. Current offers for Fe 60/59 fines is in the range of Rs 2,900-3,000/t delivered Vizag port, though not much interest is seen from exporters.
Odisha merchant miners have recently cut iron fines offers by Rs 100/t and Fe 63% is being offered at Rs 1,500-1,700/t (Ex Mines, Royalty Paid).
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