Off late, iron ore market has been witnessing a stand off between Chinese buyers and Indian sellers as both are holding their guns.
While Indian miners are trying to keep CFR levels close to USD 190 per tonne, Chinese buyers are reported to be eying USD 180 per tonne.
As a result the market continues with very little activity.
While the availability of cargos from West coast is likely to get hit during monsoon, the steel price trends in Chinese domestic market are not encouraging.
The Chinese Steel price Index CHISPI has lost 63 points or 0.8% in last 10 days and the latest hike in bank rate would further depress the steel market.
However the effect of likely power shortages in coming times on iron ore market dynamics is not clear as while the lesser production may propel Chinese domestic steel prices, the volume of iron ore required would also reduce.
Thus iron ore market remains on uncertain course and the direction
Iron ore fines
FOB India
| Grade | Change |
| Fe 63.5/63% | -1% |
| Fe 63.5/62.5% | -1% |
| Fe 63/62% | -1% |
| Fe 62/61% | -1% |
| Fe 61/60% | -1% |
| Fe 60/59 % | -1% |
| Fe 59/58 % | -1% |
| Fe 58/57% | -2% |
| Fe 57/56 % | -2% |
| Fe 56/55% | -2% |
| Fe 55/54 % | -2% |
| Fe 54/ 53 % | -2% |
| Fe 53/52 % | -2% |
| Fe 52/51 % | -3% |
Change is on May 13th as compared to 6th April 2011
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