Global Iron ore prices up by USD 1/MT after increase in buying from the Chinese traders. Until the steel mills did not start Iron ore purchasing, prices will not show any major improvement.
Steel prices & demand are constant in China which supports the spot Iron ore market and bring the traders back. Mills are not purchasing Iron ore owing to increased steel stocks and unchanged demand.
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Iron Ore Fines Prices on 19 Mar, 2014 |
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|
Country |
Grade |
Price in USD/MT (CNF) |
M-o-M |
|
India |
Fe 63.5/63 |
111 |
-12 |
|
Fe 61/60 |
104 |
-12 |
|
|
Fe 58/57 |
94 |
-9 |
|
|
Fe 53/52 |
70 |
-9 |
|
|
Brazil |
Fe 65 |
112 |
-16 |
|
Australia |
Fe 61.5 |
110 |
-13 |
Steel inventory of major Chinese steelmaker had risen by 2.5% in first 10 days of March forcing mills to stop ore purchase. Easy availability of Iron ore at major ports, which touches all time high of 106 MnT are also giving option to buy Iron ore when required.
Export
Paradip Port: Kashvi Power to export around 55,000 MT Iron ore in vessel name Sheng Ping Hai.
Vizag Port: Around 43,500 MT Iron ore is to be exported by Chowgule in vessel name Avocet.
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