Indian export offers for high grade iron ore fines (with Fe content of 63.5 percent and above) have risen by $2/mt during the past week to the range of $97-98/mt CFR China amid improved sentiment even though transaction volumes have continued to be low, traders said on Tuesday, July 15.
"The gains in offers were largely amid very thin volumes. There is little confidence in the markets for a sustainable revival," an Orissa-based miner-exporter said.
"Although downside risks may have been restricted, the market is not finding any support," he said
"Reports here indicate sufficient stocks at Chinese ports. Steel prices in some parts of China have been showing signs of firming up. If this gains momentum, it might trigger a more aggressive restocking of raw materials and this could offer fresh support for Indian offers," he added.
Market sources said that local traders and miner-exporters are holding on to current offer levels in expectation of a revival of trading conditions, even though volumes fell with the rise in offers during the past week.