Tuesday, Aug 09,
China’s spot iron ore market seems to be less affected by the growing fears over a global economic downturn. Offer for Indian fines remain firm on Tuesday as supply still remains tight but volumes remain extremely thin.
Quotes for Fe 63.5/63 of Indian fines remained unchanged at $185-187/MT and offers for 62-grade Newman fines from Australia were also steady at $181-183/MT.
According to traders, “There is a panic in the iron ore market too, but prices are mainly supply-driven. Thus they are likely to remain firm in the near term as Exports from a key producing region of India’s Karnataka state have not yet resumed”
The traders are seeing the tight supply situation as a good support for any slide in prices. Traders are looking at the general fall in steel consumption domestically rather than fall in the exports as a major concern. Though HRC prices have fallen in Chinese domestic market which makes buyers prefer to wait and watch.
Leave a Reply