In a talk with Steel Mint, Mr Keyvan Jafari Tehrani, CEO at Jame Tejarat Co. (JTC) and IROPEX (Iron Ore Producers & Exporters Association of Iran) shared that “Iron ore prices in China have gone up in last 2-3 days. Just need to wait for while to check what is going on in the market because by 2-3 days its not easy to justify and get feedback from the buyers”.
Also buyers are also cautious on Speaking to buying from Iran not from Australia, Brazil or India. Anyhow low grade iron ore exports from India have reduced remarkably and are likely to remain low for 3 months owing to monsoon season. But Brazil and Australia are exporting iron ore in big quantities to China, he added.
He also said, “I believe if price rebound sustains for 2 weeks then we can get feedback from Customers to buy more cargo from Iran. Otherwise we had the same experience during Feb’17 when price for Fe 62% fines climbed to USD 94.5/MT, CFR China, however Iran iron ore exporters did not enjoy so much for such a high price increment as after going up it dropped sharply after 2-3 weeks. Only few export shipments mainly concentrate from Iran enjoyed the price increment”.
This time also it would be the same. Iron ore exporters based in Iran have to wait for a while to check what is going on.