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PrintPrices steady from a week ago, a touch firmer on month
* Some hold shipments, hoping for better prices
MUMBAI, Feb 5 (Reuters) - India's iron ore prices were steady from a week ago as Chinese buying persisted after a revival in December, exporters and a trade body official said on Thursday.
"Exports have been good in the last few days," said a senior official at Essel Mining & Industries Ltd, a large miner and exporter based in eastern India."Some sellers are holding their cargo, hoping prices would rise."
India is one of the world's biggest sources for spot iron ore, annually exporting about 100 million tonnes, or half its local production, mainly to China.
However, a massive build up of iron ore stocks in China, as the country's demand contracted after the Olympics in August, hurt Indian exporters in the second half of 2008.
Latest trade data shows that in the April to December period -- the first nine months of fiscal 2008/09 -- exports had fallen by 5.4 percent to 64.47 million tonnes. But in December, exports rose 38.4 percent to 13.67 million tonnes. [See DEL002431].
The current spot price for iron ore with 63.5 percent of iron, ranged between $68-$72 per tonne FOB, the same as last week, but up by $4-$5 from a month ago, an official at the Federation of Indian Mineral Industries (FIMI) said.
"Compared to the benchmark rate of about $92, prices are much cheaper, that is why Chinese mills that are restarting, are preferring to buy from India," said R.K. Sharma, secretary general of FIMI. (Source: Reuters)
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