Spot iron ore prices remain unchanged on Wednesday. Offers
were seen for lower-grade Indian iron ore, but traders said buying interest was
scarce with Indian miners seeking higher prices mostly because of increased
export taxes.
India Railways have cut freight rates on iron ore meant for
exports by nearly 16 percent. But according to experts it is not sufficient to
boost export volumes which have been quite less following the export duty hike.
“Exports (of iron ore) had already become unviable and
this is a beginning in the right direction, but it needs to be reduced much
more,” said H.C. Daga, vice president with the Federation of Indian
Mineral Industries.
“Demand for
Chinese steel is still weak so iron ore prices should remain subdued” said Chinese traders.
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