SteelOrbis

Indian iron ore fines export offers move up but slip from mid-week high

Friday, 17 February 2017 16:23:18 (GMT+3)   -   Kolkata

Indian export offers for high grade iron ore fines (with Fe content of 63.5 percent and higher) have increased by $4/mt during the past week to $91.60/mt CFR China, having failed to maintain a mid-week high of $93/mt, triggering fears of a further correction, traders said on Friday, February 17.
 
"The rise in iron ore prices has caused transaction volumes to increase sharply. However, the weekly high of $93/mt failed to hold amid fears of a further correction," an Odisha-based miner-exporter said.
 
"The moot point in the market is to watch whether the correction gains momentum. But with offer levels gaining as much as $8/mt over the past two weeks, despite sporadic losses, I feel that offers are moving on to a strong uptrend," the miner-exporter said.
 
"While the gains in local iron ore offers are triggered by the strong futures market, the market is expecting the fundamentals of the physical market to strengthen also on the back of the recovery of finished steel prices in the current year," the miner-exporter added.
 
At least two other traders said that any consolidation above the $90/mt mark will bring more miner-exporters to conclude higher transaction volumes, while the current market is dominated by aggregating traders who are quicker to respond surges in offer levels.

Tags: iron ore , raw mat , India , Indian Subcon , steelmaking , Kolkata | similar articles »
 
Most Recent Related Articles
Tags: iron ore , raw mat , India , Indian Subcon , steelmaking , Kolkata | similar articles
Tags: iron ore , raw mat , India , Indian Subcon , steelmaking , Kolkata | similar articles
Tags: iron ore , raw mat , India , Indian Subcon , steelmaking , Kolkata | similar articles
15 Feb 17 | Steel News
Tags: iron ore , raw mat , India , Indian Subcon , Kolkata | similar articles
Tags: scrap , raw mat , India , Indian Subcon , steelmaking , Kolkata | similar articles