Indian export offers for high grade iron ore fines (with Fe content of 63.5 percent and higher) have remained almost stable during the past week with just a marginal downward movement of $0.10/mt to $55.55/mt CFR China amid negligible market activity as most traders representing Chinese steel mills have been absent from the market, traders said on Friday, October 7.
"The week-long Chinese holiday has brought the local market to a near standstill. Only a few transactions for very low volumes by Singapore traders have been reported during the past week," an Odisha-based trader said.
"The short-term outlook is also uncertain and local offers can trend in either direction from current levels depending on restocking volumes once traders representing Chinese steel mills return next week," the trader added.
Market sources said that aggregating traders have a lot of stocks piled up at stockyards, estimated at around 40,000-50,000 mt in Orissa, which will put added supply-side pressures on current offer levels once market activity revives next week.