Thursday, December 16,
Spot offers for 63.5/63 fe cargo seen a jump or $175-176/MT on CNF basis, where as yesterday a deal for same grade was closed at 153.5/MT (FOB) from Paradip port.
Sesa Goa, India’s largest exporter of Iron ore sold its cargo at 177.5 for 63.5/63 Fe cargo on CFR basis. According to few exporters further upside is limited as China is approaching its new year and trade activities will be low in the month of jan and feb.
The Steel Index 62 percent iron ore benchmark .IO62-CNI=SI rose $1 to $168.50 a tonne, C&F, at the close of trade on Wednesday, its highest since May 13.
Supply of iron ore from India, the world’s third-largest exporter of the steelmaking raw material, had been tight due to an ongoing ban on shipments out of its Karnataka state while weather disruptions had also delayed cargoes. Along with fewer supplies, iron ore demand from top buyer China remained firm as steel mills gradually boost stockpiles on worry prices may rise further in January, traders said.
Weather has cleared in Eastern part of India and shipments have been smooth, exporters cheer over high prices and anticipate for further rise.
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