Indian iron ore export offers unchanged ahead of Chinese New Year

Indian export offers for high grade iron ore fines (with 63 percent and above iron content) have showed little change during the week, remaining at levels of $154-157/mt CFR China ahead of the Spring Festival/Chinese New Year holiday, traders said on Friday, February 8.
 
"Inquiries for Indian fines have remained negligible during the past few days largely owing to the Chinese New Year holiday," an Orissa-based traders said.
 
"But miner-exporters and traders have maintained their prices, expecting strong buying interest from Chinese steel mills following reports that stocks have fallen to very low levels at Chinese ports," the trader added.
 
Market sources said that Indian iron ore fines still have some upside potential, since restocking by Chinese steel mills has yet to gain momentum and the number of transactions is expected to increase after the holiday period.
 
If traders manage to aggregate the required volumes from iron ore mines in eastern India, export offers have a short-term upside potential of $3-5/mt, the sources said.