Spot Iron ore fines prices showed resistance as buyers prefer to wait and watch

Thursday, 11th August,

The export price of iron ore fines in India showed resistance as Chinese buyers prefer to wait and watch.Cargo of 63.5/63 was quoted at $184/mt (CNF China).

 Spot prices gained momentum last week and prices went up by $5-6/mt. Though recent indication of slow down in the global economy has made buyers cautious.

The prevailing price of iron ore fines 63.5% rejection below 62.5% is around USD167/t FOB Indian major ports, the same as that of last week. Players predict the price will not move up in following days.

A local exporter with a trading volume of 40,000tpm reported that the price does not change currently. Now he quotes USD165/t FOB Indian major ports for iron ore fines 63% rejection below 62%, the same as that of last week. 

Another local exporter confirmed the price stops moving up after the increase in past weeks. Now he quotes USD167/t FOB Indian major ports for iron ore fines 63.5% rejection below 62.5%, unchanged these days.