After an initial burst post Lunar Holidays the iron ore market is reconciling to the inevitable lull. Sentiments in raw material market are concomitant of the movements in finished price. Steel mills opened buying for a brief period in anticipation turnaround of fortunes. However with passage of time the turn of events proved otherwise. Steel mills have been relapsed into hiatus.
Iron ore market remained bearish with Fe 63.5/63% Indian fines being offered at USD147-149 per tonne, Fe 53/52% Indian fines was quoted at USD 97- 99 per tonne, Fe 61.5% Australian fines was quoted at USD 140- 142 per tonne. Traders remained bearish with wait and see attitude. Future market reflected the pessimism with dip on Monday. Most of the mills are depending on existing inventory in the backyard as well as at the ports touching triple figures (100 million tonne).
With steel price likely to remain depressed in the coming month any upturn in iron ore market is unlikely in the short run. With or without Indian supplies the market will remain sluggish To know exact levels, likely scenario, domestic iron ore spot prices at Bellary and Barbil and FOB East Coast spot prices subscribe to "Iron Ore Services' of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com along with your full contact details.
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