Indian export offers for high grade iron ore fines (with Fe content of 63.5 percent and higher) have moved sideways during the past week at around $67-68/mt CFR China due to virtually stagnant market conditions, traders said on Wednesday, January 21.
At least two Orissa-based miner-exporters said that no significant transactions have been reported in the market during the week and even traders who aggregate volumes for overseas shipments have continued to remain absent. They said that current offers are merely indicative and buyers do not even respond to such offers indicating the inherent weakness of market conditions and the negative outlook.
Market sources said that temporary support for the physical market from rises in futures prices has proved to be short-lived and traders representing Chinese steel mills are in no mood to conclude fresh deals as they are unsure of the next short-term bottom.