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
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