Indian iron ore fines export offer prices have remained unchanged at $121-122/mt FOB Paradip port, for high grade ore (Fe content 63 percent and above), amid low buying interest and very few transactions reported in the market, Indian traders said on Friday, November 9.
"There are too many uncertainties in iron ore mining and trade in India at present and buyers are extremely cautious even in making offers," an Orissa-based trader said.
"The few export offers were more indicative in nature. Traders representing Chinese mills were unsure of the ability of Indian miners or traders to keep transaction commitments since exportable volumes are very scarce," the trader said.
According to market sources, iron ore at stockyards and pitheads in the western Indian province of Goa have already been depleted and, with no mines in operations and severe restrictions on transportation of ore in the province, small volume shipments may only be executed from the eastern Indian province of Orissa through Paradip port.
Traders have been willing to complete transactions even at $5-10/mt lower to maintain their association with representatives of Chinese steel mills but have been finding it extremely difficult to source fines from pitheads, according to a Kolkata trader.