Spot iron ore market remained stable at $150 mark for 63.5/63 Fe Indian iron ore fines.Indian exporters still holding limited stock at ports despite cut in freight charges for exports of iron ore.
“Despite cut in freight rates by Indian railways on exports of iron ore, movement has still been very low. Though spot prices are high in international market but higher duty makes Indian iron ore fines unfeasible for exports.” said a large merchant exporter based in Mumbai.
There are quite a few Brazilian cargoes in the market , A tender for 238kt SSFG 63.45% was heard to be concluded at 148.17. Two other cargos of SSFG 63.42% and SFOT 62.76% were heard to have concluded at $148.68 and $140.27 respectively.
Australian PB fines of 61.5 % Fe (Equivalent to Indian 62% Fe) hovering around $145/t, CFR.
It was also reported that Indian iron ore fines of 53% Fe is offered at RS 2400-2450/t F.O.R Vizag Port.
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