Australia: FMG Widens Discount for Low Grade Iron Ore Fines for Jan’20
Fortescue Metals Group - world's 4th largest iron ore producer has increased sub-grade iron ore discount for SSF (super special fines) for Jan’20. SteelMint has learned from the market participants that FMG discount for SSF low-grade fines for the month of Jan’20 increased to 18% from 15% in Dec’19.
The demand for high grade ore continues to remain strong in China amid rising winter production curbs in Tangshan. This has raised demand for high grade material like pellets and lump.
Monthly average global iron ore fines (Fe 62%) decreased by 5% for the month of Nov’19 as compared to last month's prices. The prices recorded at USD 84.5/MT, CFR China in Nov’19 against last month at USD 89/MT, CFR China.
As per data compiled by SteelHome consultancy, Iron ore inventory at major Chinese ports increased to 129.2 MnT towards end of last week as against 127.6 MnT assessed a week before.
Indian low-grade iron ore fines (Fe 57/58) export price inched down to around USD 57-59/MT, CFR China last week down by USD 1-2/MT W-o-W.
FMG depicted fall in shipments in Q3 CY19 to 42.2 MnT. The shipments recorded a drop of 9% Q-o-Q as against 46.6 MnT in the previous quarter. On yearly basis, the shipment was marginally up compared to 40.2 MnT in the same time frame last year.
source: SteelMint
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