India: Market quiet and rumours abound

摘要

As most of the traders and importers gather in China this week, rumours of cargoes being traded at lower prices, in the mid $470s/mt have been circulating. So far there is little evidence backing up these reports and even a number of the major buyers are refuting these rumours. Although prices for Chinese tonnage may fall below the $480/mt CFR level, they are not expected to fall dramatically. Chinese suppliers are holding firm to current prices in the range of $460-470/mt FOB and show no intention to drop prices further in the near future. Indian CFR prices at or around $480/mt equates back to the mid/upper $460s excluding any trader's margin.