Thursday, January 20,
Some sign of softness is seen in the spot prices. Yesterday Indian exporters were quoting $192/MT, today they are ready to sell at $190/MT for 63.5/63 Fe cargo (delivered China). Some sign of desperation seen from the Indian exporters as they are worried over hike in export duty on iron ore. They want to clear off their position before the new duty is implemented.
If market remains weak for next 3-4 days it might correct another $10-15/MT.
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