Spot Iron ore prices in China
remain firm as the market is supported by firm demand from Chinese steel mills
and limited seaborne shipments.
The supply of spot cargoes from
Vale, BHP Billiton and Rio Tinto has dropped significantly as the world's three
biggest iron ore producers have sold recent shipments through longer-term
deals, traders said.
Supplies from India have also
been dwindling and Indian exporters whose costs are bloated by export tariffs and
high railway freight rates are unwilling to sell cargoes at the current price
levels.
Offers for high-grade Fe 63.5/63
Indian iron ore fines stands at around $140/MT. Whereas, offers for Australian
PB fines( 61.5%) is at $140-142/MT.
Baoshan Iron and Steel, a big
producer of flat steel, said it will cut prices of its main products for
December bookings, after keeping them steady this month.
Leave a Reply