Business Standard reported that in a bid that could affect export of steel making raw material, import inquiry from China is very weak with traders insisting on further price cuts.
Mr RK Sharma secretary general of Federation of Indian Mineral Industries said that “Ore market is in turmoil now. Earlier, India was exporting to China on regular basis. But now China is importing from Australia finding their prices competitive.”
He added tat in contrast, steel demand from the South East Asia and the west Asia has revived and therefore, iron ore demand may see a turnaround in near future. But when will the turnaround happen we cannot say about it now.
Mr Sharma argued that steel prices in China have declined significantly which indicates that the iron ore demand in the world’s largest steel producing country has declined.
Source : business standard