Australia: Fortescue Metals Group Lowers Low-Grade Iron Ore Discount for Jul’19
Fortescue Metals Group - world's 4th largest iron ore producer has reduced the sub-grade iron ore discount for SSF (super special fines) for Jul’19. SteelMint has learned from the market participants that FMG lowered its discount stable for SSF low-grade fines for the month of Jul’19 to 7% from 11% in Jun’19.
As per reports, Chinese steel mills are using more lower-grade iron ore, especially from India, amid supply tightness in the iron ore market, and reducing cost amid high raw material cost. Steel margins have been shrinking in China. Rio-Tinto earlier this week indicated reduction of 13 MnT in its iron ore shipment guidance for CY'19.
Spot iron ore fines index shoots-up 4 years high-: Spot iron ore prices increase sharply amid shortage of supply concerns, Fe 62% fines reached at 4 years high to USD 118/MT, CFR China on 20th Jun’19 against USD 108/MT, CFR, China a week before. This level of iron ore price last seen in April 2014.
FMG 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: SteelMin
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