Offers of Indian iron ore fines
with Fe 63/63.5 grade remains unchanged at around $189/MT on Thursday, i.e. almost
flat since the last week.
“Iron ore has been rather
steady this year as reduced supplies from India have offset the negative macro
impact on iron ore prices. However cargo of Fe 59/58 was sold this week at $158/MT , i.e. up by $2/MT from last week as availability of low grade cargo is limited” traders said.
Chinese steel demand,
particularly for long products, is set to pick up in the peak consumption
season over September and October, though the steel industry association has
warned of little growth in demand for flat products in the second half.
“We haven't seen massive
purchases (of iron ore) from Chinese steel mills yet, while market players are
expecting consumption to improve with iron ore fundamentals remaining
healthy,” said an iron ore trader in Shanghai, which has long-term
contracts with overseas miners.
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