Indian low-grade iron ore fines export market moved down this week. SteelMint’s assessment has decreased this week by USD 3/MT to USD 54-56/MT, CFR China as against last week’s assessment at USD 57-59/MT, CFR China. Price fall is the reflection of weak demand and a sharp decline in global spot iron ore prices in China.
As per reports of credible sources, Chinese mills are looking to reduce hot metal production amid falling demand and increasing steel inventories.
At the beginning of this week, major iron ore miners and traders from Odisha concluded export deals for iron ore fines (Fe 58/57) at USD 59-60/MT, CFR China for Apr’20 shipments. But towards the end of the week export offers moved down.
Spot iron ore prices decreased sharply W-o-W-: Chinese spot iron ore prices decreased by USD 8/MT this week to USD 83.9/MT, CFR China against USD 92/MT, CFR China a week before.
Leave a Reply