In respect to falling seaborne Iron Ore and Mill Scale prices in Chinese spot market, Indian exporters have also cut their purchases from domestic market. Sources tell SteelMint that last week Mill Scale trades were taking place at around Rs 5,200-5,300/t delivered Vizag port when international prices were at around $130/t CFR China, and now when prices have crashed to around $125/t CFR, trades are taking place at around Rs 4,900-5,000/t delivered Vizag port.
Spot iron ore prices in Chinese market have also dropped over $6-7.t in last one week. Australian PB fines 61% was heard to be traded at $123/t CFR China.
Leave a Reply