Inactivity plagued the iron ore market as the uneventful week drew to a close. The market remained in quandary with offered and transaction prices showing wide gaps making judgment an extremely difficult proposition.
But it is clear that Chinese steel mills have gained an upper hand cornering cheaper prices depending on the vulnerability of the Indian iron ore miners and suppliers.
Offers for Indian origin Fe 63.5/63% plummeted to levels of USD 191 per tonne to USD 193 per tonne CFR China.
The Libyan and Egyptian crisis took its toll on the metals futures markets Futures market of imported iron ore posts a weak trend. Favorable factors such as tight supply and RMB appreciation notwithstanding, imported iron ore will continue to see corrections on concerns of tight liquidity and adverse political environment.