SteelMint’s weekly low-grade Indian iron ore fines (Fe 57%) export index stood at $89/t FOB east coast India, marginally down by $1 . With tightening environmental curbs in China, preference of high-grade ore and pellets continues to remain robust, suuported by higher steel margins. However, demand for low-grade ore continues to remain weak.
In addition to it, vessel freight rates have eased out. Rates for Supramax vessels from the east coast of India (Paradip port) to China have come down to $17-18 against $19 last week.
Three confirmed trades for Indian low grade fines export were recorded by SteelMint having total volume of around 200,000t in this publishing window. Out of three deals only one deal was taken into consideration in index calculation as the rest two deals were not falling under SteelMint methodology.
Confimed trade deals:
Rationale:
- Price indicators- One confirmed deal was considered and taken for price calculation, and given a weightage of 50% under T1 trade.
- SteelMint has received Ten (10) indicative prices and offers during the publishing window, and all were considered for price calculation as T2 inputs and given a weightage of 50%.
Market highlights:
Spot iron ore fines price increased $6/t w-o-w- Spot iron ore fines Fe 62% price increased by around $6/t w-o-w. The Fe 62% fines price stood at $172.9/t yesterday as against $167/t a week ago. However, on a d-o-d basis, prices have fallen by around $2/t.
Iron ore stocks at Chinese ports stable – Iron ore inventory at major Chinese ports has stable at 134.3 mn t this week as compared with 134.35 mn t, a week before as per the data maintained by SteelHome.
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