Home | Press | Events | Eshare
Iron ore prices took the ascendant course in August. The already scuttled supply from India during monsoon and the unending imbroglio in Karnataka got another shot with the blanket ban on mining in Bellary Karnataka. This region alone accounts for a third of the ore produced Karnataka hence any disruption has moving impact on the market dynamics. With this, the latest transactions having touched USD 188 per tonne for Fe 63/63.5% a climb of USD 2 per tonne since last week.The finished steel market in China has shown a handsome rally of over 1% within the first few day in August has made the traders positive about the short term trend. The market is swinging in the throes of ecstasy. Although the actual buying is still somewhat cautious the mood is certainly upbeat for the traders to take forward positions. H2 promises to be a period of redemption positive turn of factors culminating in demand from construction and infrastructure sector. All of which is music for the 3 big iron ore producers. While Chinese steel production rose by 11.9% in the first half of this year, imports of iron ore rose by just 8.2%. Assuming a phase of spirited production in H2 culminating in an aggregate of over 700 million tonnes of crude the coordinates are right for a reverberant iron ore prices.