Indian Low Grade Iron Ore Fines Export Price Fall Sharply Amid Global Price Drop

Why has low grade iron ore prices dropped? Chinese production curbs: Tangshan govt had announced production cut for sintering, converters and lime kilns by 20-50% till Aug 1 on account of pollution norms. Later, the production curb in Tangshan extended by two months from Aug’19 to Oct’19 paving way for preference for pellets and reduced demand for fines. Global iron ore fines index drop by USD 10-11/MT against last week: The global iron ore fines prices (Fe 62%) has decreased to USD 108.45/MT, CFR China as assessed yesterday (2nd Aug) against being USD 118.45/MT, CFR China towards the beginning of the week. The prices have dropped over the month against hovering at five years high levels at USD 126/MT, CFR China towards early July. Increasing iron ore stock at Chinese ports : As per data compiled by SteelHome consultancy, Iron ore inventory at major Chinese ports increased to 121.05 MnT as compared to 119.25 MnT a week ago. Easing iron ore supply concerns: Vale on 19th June'19 announced the resumption at its Brucutu mines. The decision will enable full resumption of wet processing at Brucutu, increasing Vale's product portfolio. The miner on 23rd July’19 announced authority received from National Mining Agency (ANM) for partial resumption of dry processing at Vargem Grande Complex, which is expected to add 5 MnT of production in 2019. Also, major Australian miners such as Rio Tinto and BHP Billiton are increasing focus on supply of low grade fines. source: SteelMint

Indian Low Grade Iron Ore Fines Export Price Fall Sharply Amid Global Price Drop

Why has low grade iron ore prices dropped?

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