Fortesque Metals Group (FMG) Lowers Low Grade Iron Ore Discount for May
Fortescue Metals Group - world's 4th largest iron ore producer has reduced the sub-grade iron ore discount for SSF (super special fines).
SteelMint has learned from the market participants that FMG has further decreased iron ore discount of SSF low-grade fines for the month of May’19 to 11% from 13% in Apr'19.
Data maintained by SteelMint research show that this discount has dropped sharply from as high as 42% in Oct-Nov'18 to 33% in Feb'19, 16% in Mar'19,13% in Apr'19 and 11% in May'19.
Strong Chinese demand -: The month of April is marked by the highest construction activities in China and also relaxation in production curbs in the country, fall in profit margins has led to increased preference for lower grade ore in China.
The global iron ore fines prices (Fe 62%)has increased to USD 95.8/MT CFR China, the prices have hit 5 years high. Sharp rise in high-grade iron ore prices has led Chinese mills to hunt for low-grade iron ore. Spot Iron ore Index on 18th April at USD 92.8/MT, CFR China.
source: SteelMint
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