Indian Mill Scale Exporters hopeful over rise in Iron Ore Prices

Indian Mill scale prices remained stable this week. Current prices for Fe 70/68% Mill scale are assessed at INR 2,700-2,800/MT (ex-Raipur) and around INR 2,200-2,400/MT at Kandla port.

Market participants highlighted that demand has been very moderate in the domestic market. However, with rise in Iron ore prices in Chinese market, they areseeing some ray of hope. Global Iron ore prices recovered by upto 20% in last 10 days to USD 57/MT, which was USD 47/MT, CIF China for Fe 62% Iron fines.

Two vessels, which were rejected at Chinese port, have reached Indian ports. One of the rejected vessel carrying about 38,000 MT landed last week and another carrying 41,000 MT arrive next week at Kandla Port.

Mill Scale Prices as on 25 Apr’15

*Expected price
Source: SteelMint Research