The iron ore market which had been languishing under the onslaught of production cuts and ever melting domestic steel market in China was in for a welcome break last week after nearly a fortnight.
But by the weekend, the market went silent with the element of introspection coming in due to interest rate hike and buyers trying to postpone their decision.
The freakish improvement in prices amidst all round debacle was understandably raising eyebrows whether it is likely to culminate in rally against all odds. However it is unlikely that the rally has enough fuel to last for long.
The sudden buying might have been prompted by an expected supply constraint during the monsoon although in real terms the burgeoning stockpile at the Chinese ports 93.17 million tonnes belies any such dream.
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 % | 2% |
| Fe 58/57% | 2% |
| Fe 57/56 % | 2% |
| Fe 56/55% | 2% |
| Fe 55/54 % | 2% |
| Fe 54/ 53 % | 0% |
| Fe 53/52 % | -9% |
| Fe 52/51 % | 3% |
Change is on July 8th as compared to 1st July 2011
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