Iron ore market remained modestly positive last week.
Despite the absence of remarkably positive factors transactions kept the market afloat with deep negotiations to bridge the gap between offers and bids.
Fe 63/63.5% transactions were reported at USD 182 per tonne with offers going around USD 185 per tonne.
The Chinese domestic steel market remained on upward trend last week, agog with the expectancy of revival on the back of resurging demand from the housing sector. The mills are inclined to replenish stocks in the halo of a revival.
Thus iron ore traders are pouncing on the optimism are aggressive in offers evincing improved offers.
On the other hand, the monsoon in India along with the export duty handicap has kept the supply pressure omnipresent.
However some neutralizing factors are stemming a runaway rally. The mere presence of about 94 million stockpiles at the ports saps the rationale for new bookings when the mills are yet to resurge after a unusually depressed spring and summer. At the same time the widening gap between domestic and imported ore is nudging mills to opt for domestic material.
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% | 0% |
| Fe 60/59 % | 0% |
| Fe 59/58 % | 1% |
| Fe 58/57% | 1% |
| Fe 57/56 % | 1% |
| Fe 56/55% | 1% |
| Fe 55/54 % | 1% |
| Fe 54/ 53 % | 1% |
| Fe 53/52 % | 1% |
| Fe 52/51 % | 0% |
Change is on July 22nd as compared to 15th July 2011
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