Thursday, 23 June,
The physical iron ore market remains unchanged and market players still evaluating the direction with respect to the demand and the likely supplies considering the monsoons. The Indian iron ore imports are shrinking with a parallel rise in the imports from Australia and Brazil. The Indian exporters are still very reluctant to reduce the price
Main Chinese steelmakers, like Baosteel, Shougang Group etc, have cut the steel price for July, indicating their bearish expectation for the consequent steel market. Currently, large steelmakers have generally stopped purchasing imported iron ore, or just take a “hand to mouth” strategy, remaining stable inventory. The imported iron ore market is likely to slide further.
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