Indian Low Grade Iron Ore Fines Export Price Fall by USD 10 W-o-W
SteelMint in conversation with trade sources indicated that low grade iron ore fines export price have come down sharply following global trend. SteelMint’s assessment for low grade (Fe 57%) iron ore fines is around USD 55-60/MT, CFR China down by USD 10/MT as against being USD 65/MT, CFR China a week before. In a month’s time, low grade fines export assessment has come down by around USD 30/MT.
As per the sources, Chinese mills are not at all bidding for low grade fines as there is volatility in the market and indications are still weak. No firm bids were heard in the market.
Why low-grade iron ore price dropped?
Global spot iron ore fines dropped sharply: The global iron ore fines prices (Fe 62%) has decreased to USD 89.5/MT, CFR China as assessed yesterday (16th Aug) against being USD 122/MT, CFR China a month back. The prices have dropped by around USD 32/MT CFR China 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 123.15 MnT as compared to 122.5 MnT a week ago.
source: SteelMint
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