Do More With Reuters
Partner Services

Asia Iron Ore-India quotes up on China talks, port strike

Thu Jul 2, 2009 4:08pm IST
 
Email | Print | | Single Page
[-] Text [+]

* Iron ore at $60-$64/tonne FOB, up on week amid China talks

* Chinese demand good, India's strike, monsoon slow supplies

By Ruchira Singh

MUMBAI, July 2 (Reuters) - Iron ore prices firmed in Asia over the week as China looked like it was set to take a smaller cut in its annual iron ore contracts than earlier expected, exporters and traders said on Thursday.

India's strike at Haldia port in the east, coupled with the closure of iron ore fines shipment from Goa state in the west, aided the price rise, India exporters said.

"All through the monsoon, prices may stay in the $60s," said an official in a large foreign trading firm based in Bhubaneswar in east India.

India's annual monsoon started last month, closing shipments of the moisture-absorbing iron ore fines that comprise less than half of India's 100 million tonnes a year exports.

Shipments are likely to resume after the monsoon ends at end-August.

The port strike, in its third day also impacted traffic at neighbouring Paradip port where the waiting period for ships stretched to 20 days.  Continued...

India Investment Summit 2009
India Investment Summit 2009

Top executives and bankers discuss their own plans and the broader opportunities and challenges for India.  Full Coverage 

GLOBAL RECOVERY

A labourer works on a flyover bridge at a construction site in New Delhi October 14, 2009. REUTERS/Parth Sanyal/Files
Global economy in holding pattern - IMF

The global economy is in a holding pattern and vulnerable to more upheaval, the head of the IMF said, adding a lasting recovery will depend on policymakers taking the proper steps in the coming months.  Full Article 

A man walks past a bronze statue of a bull outside the Bombay Stock Exchange (BSE) building in Mumbai in this March 25, 2008 file photo. REUTERS/Punit Paranjpe/Files
Bubble trouble?

With India's benchmark stock index, the BSE Sensex, at around 17,000 points, are the Indian equity markets looking at a possible bubble?  Commentary 

Market Update

  • IndiaIndia
  • USUS
  • UKUK
  • Asia
  • Most Actives

SPECIAL REPORT

Himangshu Watts
India's food dilemma

Indian farms are failing to attract capital or talent, either from rich landlords or the students who graduate from agricultural universities.  Full Article | Related Story 

showcase

U.S. Recession
U.S. Recession

A trip through the epicenters of the American recession.  Full Coverage 

 
Central Banks Cautious
Central Banks Cautious

Reuters tracks the policies of the world's top central banks as the debate over global economic recovery rages on.   Full Coverage 

 
T P Raman
Column - RBI leads the world

Reserve Bank of India's approach ring-fenced the banking system.   Full Article 

 
Funding Blues
Funding Blues

A popular tactic used by Indian brokerages to raise money for rich clients is likely to be banned.  Full Article 

 
Not Enough Jobs
Not Enough Jobs

Venture capital creates jobs, but not enough.  Full Article 

 
Column - A Sweet Dream
Column - A Sweet Dream

There are good reasons for Ferrero to consider a combination with Cadbury.  Full Article