The global economic crisis seems to be achieving remarkable feet. The invincibility of the elite commodities iron ore and coking coal, which had been in a sacrosanct league till recently, have started to feel the heat off late.

Chinese steel industry with surfeit in steel production even during the worst of times has given the leverage to the iron ore biggies on a platter despite supply inhibiting developments in India.

Off late the rot has caught up in this market as well as the Chinese steel mills have bulked on production under the overbearing burden of global economic crisis.

As per market reports, most of the players remained quiet last week and Indian iron ore cargos, although offered at discounted prices, failed to evince interest from Chinese steel mills.

But tight supply situation from India could keep the iron ore price slide in check. In addition, the reduction in Chinese domestic iron ore production during winters could increase demand from imports.

Some market players said that iron ore prices could rebound after China's National Day holiday, if steel mills rush to stock.

Iron ore fines
FOB India

Change is on Sep 23rd as compared to 16th Sep 2011

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