Falling steel prices and cues on global weakening kept
Chinese buyers out of Spot Iron ore market.
There are rumors in the market that a cargo of 63.5/63
is being quoted at $181-182/MT. However, no deals are heard being concluded at
these prices as of now.
“It is for sure that markets are under correction, but
to what extent, it is difficult to comment. Market sentiments are weak and it shows
no indication of a turn around. Buying is absolute deserted for past one
week.” said an Indian exporter based in Mumbai
Despite of the supply crunch from India, Chinese buyers are
reluctant to buy at any cost as they fear that another recession might cost
them a lot. , he added.
Market in China will remain closed from Oct. 3-7 for the
National Day break. So, traders would rather prefer to wait and buy after the
holidays.
Leave a Reply