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
Top News
Six last month
Two last year
China, Indonesia seal $10 billion in deals focused on green energy and tech
Copper price, stocks are being hammered as Trump tariff, China worries mount
Codelco copper production rises in September, Escondida dips
Suitors circle American Eagle Gold as South32 takes 19.9% stake
Top gold ETF sees largest weekly outflow since 2022 on Trump win
US judge narrows investor lawsuit against Rio Tinto over Mongolian mine
Japan, Peru to agree on cooperation in mineral mining technology
MinRes halts Bald Hill mine amid lithium price rout
Ahead of Rio Tinto buyout, Arcadium’s profit dips on sliding lithium prices
Families gather at South African mine shaft where hundreds are feared stuck underground
Soaring demand for copper will help drive mergers, BHP CEO says
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Lithium in nascent rebound, but long-term outlook is bleak
Higher silver supply to reduce global deficit by 4% in 2024
Swapping aluminum for copper will maintain China’s resources, group says
MinRes halts Bald Hill mine amid lithium price rout
Suitors circle American Eagle Gold as South32 takes 19.9% stake
Zimbabwe to end tax relief for miners to spur mineral processing
Australian iron ore giants’ shares sink on disappointing China stimulus
Families gather at South African mine shaft where hundreds are feared stuck underground
Soaring demand for copper will help drive mergers, BHP CEO says
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Higher silver supply to reduce global deficit by 4% in 2024
Swapping aluminum for copper will maintain China’s resources, group says
MinRes halts Bald Hill mine amid lithium price rout
Suitors circle American Eagle Gold as South32 takes 19.9% stake
Zimbabwe to end tax relief for miners to spur mineral processing
Australian iron ore giants’ shares sink on disappointing China stimulus