Tuesday, March 15,
Spot iron ore market in China lack buyers. Indian exporters are offering Fe 63.5/63 at around $172/MT..*
Loss of steel production from Japan and millions of tons of steel required to rebuild Japan should turn into a potential opportunity for China and other world’s steel producers.
A potential drop in Japan’s steel exports, which hit a record 43 million tonnes in 2010, can be easily replaced by top producer China, given its huge capacity of at least 750 million tonnes. Therefore, Chinese steel mills are positive on demand & Chinese steel futures showed some positive sign on Monday over the Japanese quake worry.
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