Indian export offers for high grade
iron ore fines (with Fe content of 63.5 percent and higher) have remained range-bound for most of the past week at $50-51/mt CFR China, with a gain of $1/mt being lost within a single day, traders said on Friday, June 24.
"Offers rose just one day mainly on the back of gains in the futures market but softened to the previous level the very next day and offers are largely unchanged amid a negative outlook," an Odisha-based miner-exporter said.
"Given the negatives, buyers are waiting for offers to fall below the $50/mt mark and this has resulted in very stagnant market conditions," the miner-exporter added.
Market sources state that, while reports indicate sufficient stocks at Chinese ports, the Indian market is also in an oversupply position with aggregating traders desperate to liquidate stocks ahead of the monsoon rains.