Indian mill scale exporters have cut their offers by USD 2-3/MT on sluggish demand by Chinese buyers. Spot Iron ore prices in China has been down from last few weeks owing to production cut by Chinese steel mills. These prices directly impacts mill scale prices.
Indian exporters reported to be offering 68/70 Fe mill scale at around USD 120-122/MT CFR China (in bulk), down by USD 2/MT from last week.
It was heard that in last deal around 15,000 MT mill scale exported from Vizag port at around USD 123/MT CFR China.
Trade sources mention that current offers in domestic market are hovering at around INR 5,600-5,700/MT delivered Vizag port and INR 5,300-5,400/MT delivered kandla port.
India exported around 1.2 MnT mill scale during FY13, in which most of the shipments were made from kandla followed by Vizag.
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