Spot Iron ore prices in Seaborne market continue to decline with fresh deals concluded at USD 1/MT lower than previous trade. Australian Fe 62 fines prices are assessed at USD 66/MT, CIF China and Brazilian Fe 65 fines at USD 75/MT, CIF China.
Market participants blame falling steel prices in Chinese market and increasing supply of Iron ore from Australian miners are the major reasons behind decline in prices.
Rio Tinto, the world’s 2nd biggest supplier of seaborne Iron ore, had increased shipments of Iron ore by 17% last year and the company is expecting output to climb further by 10% in 2015 to 330 MnT.
Export Offers from China fall down
Falling steel prices in the domestic market have pulled down export offers as well. Export prices have come down to an extent of USD 5-10/MT this week. Declining Chinese prices may further put pressure on world steel market.
Commercial grade HRC offers are assessed at USD 440-445/MT, CIF India and Billet at USD 410-415/MT, CIF India.
Global Iron Ore Prices
| Particular | Prices in USD/MT |
| Fe 63/62, India | 67 |
| Fe 63.5/63, India | 68 |
| Fe 61/60, India | 61 |
| Fe 59/58, India | 47 |
| Fe 62, Australia | 66* |
| Fe 65, Brazil | 75* |
CNF China prices
*CIF China prices
Source: SteelMint Research