Spot iron ore market in China shed another dollar on weak buying sentiments.With falling prices, steel plants have cut output.Their appetite for iron ore has reduced.” said local sources in China.
“Buying sentiments are weak, 63.5/63 Fe being offered at $136-138/t, but we are not getting any buyer.Also we are offering mill scale of 68/70% Fe at $142-143/t,CFR from Vizag port (less by $1-2 from last week)”, said a large Indian exporter based in Mumbai.
With hopes of Rupee improving against dollar, Indian iron ore exporters have reduced their purchases from domestic market, reported market traders.
“Last week exporters were quite actively buying low grade fines, since Rupee has improved and prices have started falling, buying interest has come down.” said an iron ore trader based in Vizag.
56% Fe asked at Rs 2,700-2,800/t (Ex-Vizag), which traded at Rs 3,000/t last week, he further added.
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