Fortescue Metals Group Keeps Low-Grade Iron Ore Discount Unchanged for June
Fortescue Metals Group - world's 4th largest iron ore producer has kept the sub-grade iron ore discount for SSF (super special fines) unchanged. SteelMint has learned from the market participants that FMG has kept the discount stable for SSF low-grade fines for the month of June’19 to 11% in line with May’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'19,11% in May'19 and June.
Global iron ore prices shoot-up amid strong demand -: Owing to iron ore supply concern and falling iron ore inventory at China port led the global iron ore fines prices (Fe 62%) shoot up at USD 103.6/MT CFR China, the prices have hit 5 years high.
The miner depicted fall in quarterly shipments in Q1 CY19 at 38.3 MnT, down 10% as against last quarter at 42.5 MnT. The shipment dropped amidst tropical cyclone Veronica which hit the western Pilbara region in Australia towards Mar’19 end.
source: SteelMint
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