Spot Iron ore prices decreased by USD 1/MT on low Iron Ore transactions. Steel mills and traders show less interest in buying as market is very flexible, Upsurge in Iron ore stocks at Chinese ports is also a reason for low buying.
Seaborne Iron ore prices for Fe 53/52 grade material are at USD 80/MT and for Fe 63.5/63 at USD 123/MT CFR China. Australian 61.5 PB Fines price down by USD 1 to 122/MT CFR China.
Iron ore demand slowdown because of low steel demand in Chinese market. Slow growth of construction sector and piling up inventory at steel mills may decrease the Iron ore prices further.
Dalian Commodity Exchange for delivery in May shows nominal decrease of RMB 4 to 856/MT. Shanghai Futures Exchange traded at RMB 3,399/MT for the most active Re-bar contract delivery in May .
India
Iron ore export movement decreased from the East Coast of India as the Iron ore prices touch the seven month low at USD 120 CFR China on 12 Feb, 2014.
Iron ore export from India decrease from 0.6 MnT in Jan to 0.5 MnT in Feb i.e by 16% M-o-M (First 20 days of Jan & Feb, 2014).
Export
No export vessel at berth on Paradip, Haldia, Vizag, Karaikal, Mangalore, Gangavaram, Krishnapatnam, & Dhamra ports.
Iron ore vessel of Rungta, Feegrade & Shark expected on Paradip port between 24 Feb and 26 Feb, 2014 for the total quantity of 160,000 MT.
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