Spot iron ore prices slip further in China. Indian exporters
quote Fe 63.5/63 at $184-185/MT but there is hardly any buying interest seen
from Chinese buyers.
Steel prices have been falling in China due to tight credit
policy by the Government. Chinese steel mills are not very keen to buy Iron Ore
at current prices even if supply from India remains tight.
“There is hardly any buying interest in the market. Moreover,
high demurrage changes and longer waiting period for vessels at Indian ports
are denting our margins.” said an Indian exporter based in Mumbai.
Waiting period at Paradip has gone up to 30 days where as the
same has reached to 20 days at Vizag due to the extended monsoon, he added.
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