Indian export offers for high grade
iron ore fines (with Fe content of 63.5 percent and higher) are unchanged compared to one week ago, in the range of $116-117/mt CFR China, as buyers have remained cautious, traders said on Tuesday, April 8.
According to Orissa-based miner-exporters, prices have indicated relative stability compared to previous weeks, but traders representing Chinese steel mills have been reluctant to make fresh bookings, resulting in the sideways movement of offers.
Mid-week offers weakened to around $115/mt but, as buyers returned to the market and as offers firmed up, higher levels faced resistance resulting in low transaction volumes, the miner-exporters said.
Market sources said that Chinese steel mills have preferred to use
iron ore from stockyards at ports rather than conclude fresh bookings, preferring to wait for prices to move down.
The sources said that volumes have been so scarce that it is difficult to forecast whether current offer levels will be sustainable in the short term.