Indian Low Grade Iron Ore Fines Export Price Fall in Recent Deal
Following decline in global iron ore fines price, Indian low grade iron ore fines export prices have also witnessed downturn. Odisha based manufacturer is heard to have concluded low grade iron ore (Fe 57%) fines deal for 50,000 MT. The material booked is for Sep loading and the deal is concluded at around USD 55/MT, CFR China. The freight charges from east coast to China is around USD 13-15/MT. However few indications for low grade fines export price were also heard at below USD 55/MT, CFR China.
The low grade (Fe 57%) iron ore fines assessment has dropped to USD 50-55/MT, CFR China as against USD 55-60/MT, CFR towards mid Aug’19. The prices have witnessed drop by more than USD 20/MT in a month’s time as against being USD 75/MT, CFR China towards beginning of Aug’19.
The low grade iron ore prices have come down following drop in global iron ore prices and falling Chinese demand. The spot iron ore prices have dropped to USD 85.85/MT, CFR China assessed yesterday (30th Aug) as against USD 108/MT, CFR China towards beginning of Aug’19. Also, bids from Chinese mills are witnessed on lower side amid high production curbs and easing supply from largest iron ore miners in Brazil and Australia.
Australian miner - Fortescue Metals Group has announced rise in sub-grade iron ore discount for SSF (super special fines) for the month of Sep’19. SteelMint 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.
source: SteelMint
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