Indian Low-Grade Iron Ore Fines Demand Turns Slow Amid Recent Pollution Curbs
Indian low-grade iron ore fines (Fe 57/58) export price has increased marginally this week to around USD 58-59/MT, CFR China witnessing a weekly hike of USD 1- 2/MT.
As per the sources, an Odisha based major merchant miner has concluded 2 cargoes of low-grade iron ore (57/58%) to China at around USD 58-59/MT CFR, China for end Dec shipment.
SteelMint Learned from the sources that, Indian low-grade fines export demand remains low in China as mills are preferring high-grade cargoes from Australia & Brazil amid recently tightened pollution control norms in Tangshan.
China’s top steelmaking city - Tangshan has issued a notice to reinitiate the grade II emergency response to heavy polluting weather, as the city declared a level 2 pollution emergency. The government imposed output restrictions on the steel production firms and ordered them to indefinitely suspend iron ore sintering and partially reduce steel output as of 13 Dec’19.
As per data compiled by SteelHome consultancy, iron ore inventory at major Chinese ports dropped to 127.6 MnT as against 129.5 MnT assessed towards the end of last week. Also, pellet inventory witnessed fall W-o-W to 6 MnT against 6.5 MnT a week ago, depicting rising pellet demand in China amid winter production curbs.
Chinese spot iron ore fines (Fe 62%) up sharply by USD 5/MT W-o-W from USD 88.7/MT, CFR China against USD 94/MT, CFR China this week.
source: SteelMint
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