Tuesday, April 19,
Spot iron ore prices slip further by $1/MT and buying interest remains weak. Fe 63.5/63 Indian cargo is being quoted at $185-186/MT.*
Chinese steel rebar futures also dropped by 0.6 percent on continuing uncertainty about steel demand. The most-active October rebar contract on the Shanghai Futures Exchange fell 31 yuan to reach 4,813 yuan a tonne.
Some Chinese steelmakers have cut prices for May, indicating for some slowdown in demand. Buyers have become seem to be conservative and are trying to pull down the market. But sellers are showing resilience as there is not much cargo available.
Going forward, supply of iron ore from India is also expected to remain tight as exports from Karnataka are unlikely to start before end of May and Goa ports are also shutting down by 15th may due to monsoons.
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