Hike in Global Price Push Indian Low Grade Iron Ore Fines Offer
SteelMint in conversation with trade sources that prices for low-grade iron ore fines export from India has increased by around USD 5/MT against last assessment
SteelMint’s assessment for low grade (Fe 57/58%) iron ore fines prices at USD 66-67/MT, FoB India equivalent to USD 76-77/MT, CFR China. If sources are to be believed, further hike in iron ore prices may further push Indian iron ore export prices.
Why bids for low-grade iron ore fines hike?
1. Fall in iron ore inventory at Chinese Ports -: As per the participants, the primary reason for the hike in offers is to fall in iron ore inventory at Chinese ports. Inventory at major Chinese ports was recorded at 124.9 MnT towards 31st May, and dropped to lowest levels since mid Oct’17, according to data compiled by SteelHome consultancy. Inventory at ports keep decreasing from the last month amid high Chinese demand.
2. Spot iron ore fines index shoots up amid supply concerns-: Spot iron ore prices increase amid shortage of global supply Fe 62% fines to USD 110/MT, CFR China on 13th Jun’19 against USD 98/MT, CFR, China a week before. In a month spot, iron ore prices increased sharply by USD 12/MT, CFR China.
Indian iron ore exports inching towards 1.5 MnT in Jun’19 -: As per the vessel line up data maintained with SteelMint till 14th May’19, vessels carrying for around 1,432,915 MT iron ore lined for exports. Out of this 1,383,915 MT from Eastern port of India and rest 49,000 MT from other ports.
source: SteelMint
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