Australia: FMG Widens Discount on Low Grade Iron Ore Fines for Sep’19
Fortescue Metals Group - world's 4th largest iron ore producer has increased the sub-grade iron ore discount for SSF (super special fines) for Sep’19. SteelMint has learned from the market participants that FMG increased its discount for SSF low-grade fines for the month of Sep’19 to 11% from 6% in Aug’19.
Why has discount on iron ore prices increased?
Spot iron ore fines index down sharply :
The global iron ore fines prices (Fe 62%) has decreased to USD 88.7/MT, CFR China yesterday (19th Aug) as against USD 118/MT, CFR China a month back. The prices have dropped by around USD 29-30/MT CFR China against hovering at five years high levels at USD 126/MT, CFR China towards early July.
Rising iron ore inventory at Chinese ports:
As per data compiled by SteelHome consultancy, Iron ore inventory at major Chinese ports increased to 123.15 MnT last weekend (16th Aug) as compared to 122.5 MnT a week ago.
Easing iron ore supply in global market:
World’s largest iron ore miner Vale announced resumption at its Brucutu mines and also resumed partial operation at its Vargem Grande Complex in July’19. Amidst easing supply, low grade discount have picked up. Also, major Australian miners such as Rio Tinto and BHP Billiton are increasing focus on supply of low grade fines.
source: SteelMint
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