Monday, March 07,
Spot iron ore prices went down further by $2/MT. Stock at Chinese ports are at record high & steelmakers are reluctant to buy ore at these levels ad demand for steel is weak..*
Fe 63.5% of Indian cargo is quoted in China at $180/MT whereas Fe 62 is being quoted at $ 167/MT.
Falling steel prices, huge stockpiles of iron ore at Chinese ports and tighter liquidity are keeping Chinese steel mills and traders from snapping up ore even as exports from No. 3 supplier India get more costly after the country announced plans to raise export taxes and freight rates.
Leave a Reply