All though everything seems pink in the ore market notching new levels with each passing week a streak of fear about the relapse is undeniable.
With transaction of Fe 63.5%/63% confirmed at USD 190 per tonne the sellers are pompously making offers at USD 195 per tonne. However such preposterous offers have cast away as unrealistic.
In fact it is learnt that the seeds of caution and circumspection has commenced sprouting over the week.
Finished steel market showing evident signs of cracks after a prolonged solitude is latent with possibilities of a downslide if the rug is pulled. Mills for sure would go slowly on buying iron ore in this situation leading to correction in iron ore prices. The stocks of iron ore already touching 95.69 million tonnes there is barely any scope for any flourish.
It is reported that domestic mills have commenced increase usage of domestic iron ore with higher grade imported iron ore to cap cost escalation when the bottom lines are getting eroded.
Constricted supply from India notwithstanding ebbing of the tide seems distinct.
Iron ore fines
|Fe 60/59 %||1%|
|Fe 59/58 %||1%|
|Fe 57/56 %||2%|
|Fe 55/54 %||2%|
|Fe 54/ 53 %||2%|
|Fe 53/52 %||2%|
|Fe 52/51 %||3%|
Change is on Sep 9th as compared to 2nd Sep 2011
With the shift form benchmark pricing based long term contracts to spot cargos, it has become essential for both sellers as well as buyers to precisely monitor the daily movements of iron ore spot prices to keep tab on trends and spot opportunities.
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