Monday, July 04,
Spot iron ore prices remain unchanged over weak buying interest.
According to Indian exporters, a deal for Fe 63.5/63 of Indian cargo was concluded at $ 176.5/MT in South China on Friday.
Spot iron ore prices in China continue to be at three- month low as steel mills show no hurry in improving stockpiles heavily and have also slashed their prices for July in anticipation of slow construction demand during the summer.
According to traders based in China, “There were some buying and some inquiries in the market which made sellers a bit bullish. But I still don’t consider it a real turnaround. The small and medium-sized mills in China are virtually cash-strapped and tighter credit in China is curbing purchases”
Iron ore Forward swaps market showed a mixed picture with prices of nearby contracts falling and other contracts rising modestly, suggesting spot prices to remain stuck in tight ranges.
Reported by: Monica Patnaik (monica.patnaik@steelmint.com)
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