Australia: FMG Lowers Low-Grade Iron Ore Discount Further for Aug’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 Aug’19. SteelMint has learned from the market participants that FMG lowered its discount stable for SSF low-grade fines for the month of Aug’19 to 6% from 7% in Jul’19.
As per the reports, Chinese steel mills are using more lower-grade iron ore amid tight supply and Tangshan production cuts. Despite there is narrow margin between medium grade ore and low-grade iron ore.
Spot iron ore fines index increases towards week-end -: Spot iron ore prices increased sharply amid shortage of supply concerns, Fe 62% fines increased USD 6/MT to USD 122/MT CFR China M-o-M in Jul’19 against USD 116/MT, CFR, China a month before. On weekly basis, iron ore fines price increased by USD 3/MT against USD 119/MT CFR China a week before.
Lowering of discounts on low grade is expected to benefit Indian low-grade fines exporters. Indian iron ore export volumes for Q1 FY20 (Apr-June'19) stood at 5.21 MnT, up significantly as against 2.15 MnT in the previous quarter. Increased Chinese demand and high global prices resulted in an increase in Indian iron ore exports.
source: SteelMint
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Resolute Mining says it will pay Mali $160 million in tax dispute
Trump chooses oil fracking boss as energy secretary
Gold loses some luster after Trump’s decisive win
