Regardless of relative quietude in iron ore market in the last week uncertainty prevailed. After the pause in declining finished prices there was consequent respite in the raw material market as well.
On one hand it prompted supplier to immediately take adamant postures being inflexible on offers. However the market remained reticent sudden change in the absence of perceptible improvement in finished prices and mills buying.
Traders showed proclivity toward booking stockpiles at cheaper levels as import seemed unattainable. With offers from Indian sources going around USD 130 per tonne, CNF for Fe63/63.5% there barely any scope for correction with supplier having hit the cost. However big 3 were more forthcoming with levels around USD 120 per tonne.
Stock piles at Chinese ports still at nearly 100 million tonnes and the mills reluctant to commence buying dipped in uncertainty not many transactions are expected regardless of the prices.
Moreover with winters on the anvil demand peter out diminishing any near chances of revival, albeit minor flicker is not ruled out for pre vacation buying.
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