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 amid low buying interest and resistance at higher levels, traders said on Tuesday, April 15.
According to an Orissa-based miner-exporter, transaction volumes during the past week have remained at very low levels, with traders representing Chinese steel mills unwilling to conclude any deals at higher levels.
Increases of $1-2/mt to the range of $117-118/mt in the middle of the past week failed to gain acceptance given a complete absence of buying interest, forcing exporters to pull down their offer levels, but even since then no substantial volumes have been reported in the market, the miner-exporter said.
Market sources said that traders representing Chinese steel mills hold a bearish view of the market outlook since several of the mills are reported to be facing tight liquidity and have not been willing to commit to aggressive restocking of raw materials.