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Monday, September 21, 2009

Iron ore price in Asia remain flat

Monday, 21 September 2009

It is reported that iron ore prices in Asia remained nearly flat this week supported by moderate demand from China ahead of its holidays early next month. A dealer at an international trading house in Shanghai said "Buyers are turning a bit active these days. We have a week-long holiday ahead and need to prepare quickly."
Chinese markets will be closed from October 1st to 8th for the National Day holiday and Mid Autumn Festival ahead of which some traders need to buy for near term requirement.
Industry consultant Mysteel said ores of Indian origin with 63 % to 63.5% iron were quoted at USD 83 per tonne to USD 85 per tonne C&F for forward delivery compared to USD 82 to USD 84 last week. In India a trader said he had heard of a deal done at USD 84 a tonne C&F.
A miner in western Indian state of Goa said he was quoting iron ore fines with 58% iron at USD 67 to USD 68 C&F but deals were not done as fines would be available for shipment by mid October.
Mr Gaurav Atha managing partner at KN Ram and Co in east India said "Demand is stagnant at the moment. People are waiting and watching. Buyers are asking for USD 80 but we are not selling."
Source: Reuters