With the hike in global iron ore prices this week, Indian low-grade fines export price have inched up slightly. SteelMint’s assessment for Indian low-grade iron ore fines (Fe 58/57%) export price increased by USD 2-3/MT W-o-W to USD 59-61/MT, against last week’s assessment at USD 57-59/MT CFR, China.
SteelMint has learned the market sources that one of the traders from Odisha concluded 60,000 MT low-grade iron ore fines (57/58%) export deal at USD 60/MT CFR, China this week for end Jan shipment. Another Odisha based miner is heard to have concluded low-grade fines export deal (less Al) yesterday for Feb shipment at USD 62/MT, CFR China.
Before the Lunar holiday starting from Jan 24th, 2020, Chinese mills are looking to restock which resulted in increased offers this week. However as per sources, later next week market sentiments will slow down amid holidays.
Chinese spot iron ore prices opened up this week at USD 94.5/MT, CFR China as on 17th Jan’20 and increased to USD 95.75/MT, CFR China towards the weekend as on 17th Jan’20.
As per data compiled by SteelHome consultancy, iron ore inventory at major Chinese ports decreased to 127.35 MnT as against 127.9 MnT assessed towards the end of last week. Pellet inventory witnessed down W-o-W to 4.3 MnT against 4.6 MnT a week ago.
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