Fortescue Metals Group – world’s 4th largest iron ore producer has kept the sub-grade iron ore discount for SSF (super special fines) unchanged for Feb’ 20. SteelMint has learned from the market participants that FMG has kept the discount stable for SSF low-grade fines for the month of Feb’20 at 18% in line with Jan’20 discount. The discount remains stable amid tight supply and strong demand from Chinese mills.
The spot iron ore fines (Fe 62%) index price for the month of Dec’19 witnessed rise to USD 91/MT, CFR China against USD 84.5/MT, CFR China in Nov’19.
As per data compiled by SteelHome consultancy, Iron ore inventory at major Chinese ports dropped to 127.05 MnT as of 22nd Jan’20 as against 127.35 MnT assessed a week before. Iron ore trades have slowed down ahead Chinese New Lunar New Year holidays and the market is expected to resume in early Feb’20.
SteelMint’s assessment for Indian low-grade iron ore fines (Fe 58/57%) export price increased last week by USD 2-3/MT W-o-W to USD 59-61/MT, CFR China, against last week’s assessment at USD 57-59/MT CFR, China.
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.
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