Chinese spot iron ore fines (Fe 62%) index hit two-month high to USD 90.45/MT, CFR China today on 25th Nov 2019. The prices increased by almost USD 5/MT W-o-W as against USD 85/MT, CFR China last week. The prices have witnessed 1.5 months high as it was last witnessed at USD 92/MT towards mid of Oct 2019. The hike is attributed to falling inventory in China and shifted towards high-grade iron ore considering the steel margins.
As per data compiled by SteelHome consultancy, Iron ore inventory at major Chinese ports dropped to 129. 5 MnT this week as against 130.35 MnT assessed towards the end of last week.
Spot pellet premium for Fe 65% grade pellets assessed at USD 20.85/MT, CFR China last week as against USD 27.05/MT, CFR China assessed in last assessment.
Amid increased preference for high-grade ore & improved trading activities, spot iron ore fines index has moved up.
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