Wednesday, March 23,
Spot iron ore prices remain unchanged owing to slower steel demand. Fe 63.5/63 Indian cargo is being quoted around $170-171/MT..* which is around 13-14% lesser that the levels reached in mid-February.
Sellers are not willing to sell below these levels. According to a Chinese trader, “It’s difficult to find offers below $170 although trading is now in a stalemate. But iron ore prices are likely to rebound by May-June once disaster-hit Japan starts its massive reconstruction activities.”
Though according to Mr Rama Som, Chairman NMDC, largest exporter of iron ore in India comments that revival might take even 6 months. But it will be strong as japan would require huge quantity of steel for its re-construction process.
Rumors of a roll back in export duty of Indian iron ore have cheered exporters and miners. However, no such official announcement has been made so far.
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