China: Iron Ore Market re-opens with USD 1/MT Downfall

Seaborne Iron ore fines market in China opens with a fall of USD 1/MT. Fe 63.5/63 is traded at USD 122/MT CFR China.

Market is assumed to be dull for the first half of February as world’s largest consumer China was on holiday. The stock pile up in 34 major ports of China was increased by 940,000 MT, now reached to 93 MnT. Ample of availability in ports of China drags the market downward.

PB Fines were offered at USD 121/MT CFR China, down by USD 1/MT  from previous close (i.e. on 30 Jan, 2014). Spot prices for Fe 61.5 PB fines keep at RMB 840/MT at Qingdao Port. Currently, Square billet is offered at RMB 2,820/MT (EXW; VAT included) in Tangshan.

USD 1= RMB 6.1089

Global Iron Ore Fines Prices (in USD/MT) as on 07 Feb, 2014

Prices in USD/MT CFR China

India

NMDC hikes Iron ore fines prices by INR 100/MT for February, 2014 at INR 2,910/MT.  Iron ore lumps prices remain constant at INR 4,500/MT (Fe 65 & 6-40 mm) and at INR 3,950/MT (Fe 65 & 10-150 mm).

Exports

Today, a vessel named Liberty Prudencia being shipped from Paradip port with 14,850 MT of Iron ore by Fortune,  15,000 MT by Samaleshwari and 20,000 MT by Bagadiya.

Another vessel of Shipper Rungta named as Spar Gemini being loaded with 50,000 MT of Iron ore in Paradip port.