Indian export offers for high grade
iron ore fines (with Fe content of 63.5 percent and higher) have showed little change during the past week in the range of $62-63/mt CFR China in inactive market conditions, traders said on Tuesday, February 24.
According to an Orissa-based miner-exporter, the Chinese New Year holiday has kept traders representing Chinese steel mills away from the market and hence no significant transactions have been reported during the week.
The trader also said that prices are expected to move sideways even after business activity resumes after the holiday since most buyers are not talking of offers breaching the next bottom of $60/mt amid excess supply and minimum restocking by steel mills.
Sources said that local traders are not interested in completing transactions and instead prefer to wait and watch whether the Indian federal budget later this week announces any reduction in the 30 percent export tax on
iron ore exports.