Iron ore prices in Turkey remain still as global market quietens down
2013-10-01 20:42:17 [Print]
LONDON (Asian Metal) 1 Oct 13 - Sources close to the Turkish market have this week reported no change in the market with global prices remaining relatively static over the last week. The outlook for this coming week remains similar as the National Day holiday for the duration of this week in China has put a spanner in the works for global trade of iron ore. The latest prices from Turkey remain unchanged at USD75-77/t FOB Turkey for iron ore fines 58%min.
The consensus from sources connected to the Turkish market is that this week will remain extremely quiet and any major movement in price is highly unlikely as there is just no activity.
A source based in Turkey, trading in iron ore, reported their latest offers to be unchanged from a week earlier, remaining at USD73-75/t FOB Turkey for iron ore fines 58%min. “The market is completely stagnant now. We will not see much at all in terms of completed deals because China is out of the market at the moment, which means activity is impacted significantly, and negatively,” commented the trader.
“Turkey is usually very active in terms of trade, especially with iron ore, but with Iskenderun still witnessing problems and nothing coming from China [buyers’ offers], there is an eerie silence at the moment,” noted the trader in Turkey.
A second source echoed this market trend by reporting their prices received from producers as unchanged from last week. Prices reported were at USD77/t FOB Turkey for iron ore fines 58%min. “There has been a couple of new offers since we last spoke, but nothing major. It is just quiet. Most market players are just sitting back this week and waiting for the Chinese to come back into operation, then business will step up a gear again. Hopefully then we will see demand strengthen and perhaps even a small rise in prices towards the end of October,” commented the source.
“This week will remain quiet, and next week is unlikely to be much different other than a few more completed deals. For price movement, we will most likely have to wait a few weeks yet,” explained the trader.
The consensus from sources connected to the Turkish market is that this week will remain extremely quiet and any major movement in price is highly unlikely as there is just no activity.
A source based in Turkey, trading in iron ore, reported their latest offers to be unchanged from a week earlier, remaining at USD73-75/t FOB Turkey for iron ore fines 58%min. “The market is completely stagnant now. We will not see much at all in terms of completed deals because China is out of the market at the moment, which means activity is impacted significantly, and negatively,” commented the trader.
“Turkey is usually very active in terms of trade, especially with iron ore, but with Iskenderun still witnessing problems and nothing coming from China [buyers’ offers], there is an eerie silence at the moment,” noted the trader in Turkey.
A second source echoed this market trend by reporting their prices received from producers as unchanged from last week. Prices reported were at USD77/t FOB Turkey for iron ore fines 58%min. “There has been a couple of new offers since we last spoke, but nothing major. It is just quiet. Most market players are just sitting back this week and waiting for the Chinese to come back into operation, then business will step up a gear again. Hopefully then we will see demand strengthen and perhaps even a small rise in prices towards the end of October,” commented the source.
“This week will remain quiet, and next week is unlikely to be much different other than a few more completed deals. For price movement, we will most likely have to wait a few weeks yet,” explained the trader.
