India: Odisha Merchant Miner Concludes 50,000 MT Low Grade Iron Ore Fines Export Deal
Demand for medium grade iron ore fines continues to remain robust from Chinese steel mills. SteelMint in conversation with market participants learned that one of the merchant miners in Odisha has recently concluded low-grade iron ore fines (Fe 58/57%) to China at around USD 56-58/MT FoB India for May’19 loading.
The price is stable on weekly premises however the prices have increased by around USD 6-8/MT since the last couple of weeks.
As per the data maintained by SteelHome consultancy, iron ore fines inventory at the port side in China continues to decline sharply resulted in steel mills demanded seaborne cargoes. Iron ore inventory at major Chinese port dropped to 140 MnT last week as against 143.9 MnT towards the previous week.
The global iron ore fines price (Fe 62%) has increased by USD 2/MT to USD 94.2/MT CFR China on 23rd April 2019 against USD 92/MT, CFR China towards the end of last week. Medium grade fines price have already hit 5 years high in last week and still trading very high. Sharp rise in high-grade iron ore prices has led Chinese mills to hunt for low-grade iron ore.
Fortescue metals group (FMG) lowers sub-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.
Indian iron ore exports may cross 1 MnT mark again in Apr'19 -: As per the vessel line up data maintained with SteelMint till 18th April Indian iron ore exports may add up to 1.13 MnT in April. Out of this 8,17,060 MT from eastern ports of India and rest 296,000 MT from other ports.
source: SteelMint
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