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 $98-99/mt CFR China in an inactive market with marginal buying interest at current levels, traders said on Tuesday, May 27.
"There has been no interest in Indian offers during the week. The market is completely idle," said an Orissa-based miner-exporter.
"Traders representing Chinese steel mills are willing to conclude transactions at $95-96/mt but sellers are not," he said.
"Very small transaction volumes have been reported in the market at around $98/mt and marginally above. I have not concluded any transaction for the past one month," the miner-exporter added.
Sources said that, though the panic conditions which drove offers below the $100/mt mark have eased, there has been no positive support for current levels either.
The best that can be expected is for the downward movement to have bottomed out and for local iron ore fines offers to move sideways in the short and medium term until fundamental changes restore confidence, the sources added.