Thursday, 16th June,
Recent hike on Cash reserve ratio by Chinese government has weaken market sentiments.Spot Iron ore prices in China opened lower by $2 as buying interest remained weak. 63.5/63 being quoted at $ 179-180/ mt on CNF basis though no deals were heard concluded at these prices. “There are limited buyers and suppliers in the market. Volumes have been low, we are not expecting any deep correction in near term.” said an Indian exporter based in Mumbai. The Goa Mineral Ore Exporters’ Association a body representing ore exporters, have said that the exports would be down by almost 80 to 90% during monsoon as the ore in the form of fines cannot be transported in wet weather. 59/58 % fe cargo was offered at $125-126/mt on FOB basis from Vizag port.
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