Uncertainty Keeps Raw Material Under Pressure
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Iron Ore prices were stable throughout March 2023, but have started to fall towards the end of the month, resulting in a decrease of up to Rs 500-600/ton in April 2023. Meanwhile, Iron Ore Lumps (5-18 mm/ Fe 60%) prices for Odisha remained in the range of Rs 6,900-7,200/ton throughout March but underwent a correction in April, falling by around Rs 400-500/ton to Rs 6,400-6,600/ton. Market participants, including buyers and resellers, have been cautious due to the falling prices of Pellets and Sponge Iron, resulting in slow trades in the Iron Ore market.
Uncertainty in the Market
The disparity between the bids and offers, coupled with the fall in Sponge Iron and Pellet prices, has impacted market sentiments for Iron Ore. As a result, fresh offers from other miners are expected later in the coming week, but the current state of the market may still cause uncertainty. The cautious approach by participants has led to less buying interest. Market participants are awaiting and eyeing the Odisha Iron Ore auction by OMC, which is scheduled tomorrow i.e 18 April 2023.
China’s Iron Ore Inventory
In China, the inventory of imported Iron Ore across ten major ports was reported to be 89.67 million tons. During the period of April 1-7, 198 ships arrived at domestic ports, with shipments from Australia and Brazil falling by 1.45% and 45.8%, respectively. Concentrates inventories at the ten ports dropped by 1.7% to 6.64 million tons, and Lumps inventories declined by 4.4% to 13.27 million tons.
OFB’s Insight
In conclusion, while Iron Ore Pellet prices were stable throughout March, the fall towards the end of the month and a disparity between the bids and offers have caused uncertainty in the market. As a result, fresh offers from other miners are expected in the coming week, which seems to lower side and the cautious approach by participants has led to slow trades in the spot market. Meanwhile, the inventory of imported Iron Ore in China has decreased, indicating a steady demand for the commodity.
Read more: Indian Scrap Market Observes Volatility On Varying Steel Market
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