After a sharp decline in Iron ore fines prices this week, finally market witnessed a positive come back.

Fe 63.5/63 rise by USD 1, standing at USD 125/MT CFR China, owing to slight purchase by Steel mills at current price. Observing the lowest offers of the season, few Steel mills have started procuring the ore.

This week’s lowest offer was at USD 124/MT CFR levels, which was last seen on 8 Jul 2013, almost half a year ago.

Indian exporters are hesitating to sell their fines at such low prices, and those who are selling have kept their offers firm. “It’s not about the prices; there’s no buying interest from mills”, said a trader at Redi port who sold Fe 54 at USD 95/MT CFR China.

Australian PB Fines, Fe 61.5 are offered at USD 124/MT CFR, with a rise of USD 2/MT from previous days offer and its spot prices remained at RMB 850/WMT at Qingdao Port. Square billet are offered at RMB 2,830/MT (EXW; VAT included) in Tangshan. (USD 1= RMB 6.1035)

Indian Exports

Today, 57100 MT of Iron ore is being loaded on ‘AS Valdivia’ by the Shipper named Bagadiya/Jagwani/LG/Samaleshwari at Paradip Port.

Vessel Triton Seagull is still being loaded at Paradip port by SM Niryat of quantity 55,000MT of Iron ore.

Essel minning is exporting 16200 MT of Iron ore from Haldia Port in vessel Name Bashundhara