The spot iron ore market remained buoyant on weekend with a climb of another 1%. The sellers are beaming with confidence, whereas buyers are trying to outbid to secure quality material.
However the composition of the buyers is skewed in favour of traders rather than mills. The reason being mills are cautious about restocking in this fledgling market which is tottering back to normalcy after a gap of nearly 2 months. Since there is an underlining apprehension about the sustainability of revival the mills have opted for caution for the time being rather than go on a buying spree. Moreover most of the mills are adequately stocked at least for the next 1 month.
However this has not deterred the traders from making forays in the market with avid interests in concluding deals before the going get hot. As a result future quotations of iron ore market continues to improve with limited transactions. The purchase price of Fe 63.5/63% is USD 185 per tonne to USD 187 per tonne CNF China with odd quotations going up to USD 190 per tonne to USD 192 as well.
( Source: www.steelguru.com )