Spot iron ore fines (Fe 62%) prices rose by 2.6% today from yesterdays close at USD 54.2/MT, CFR China and stood at USD 55.6/MT, CFR China.
Witnessing continuous drop in prices, spot iron ore prices in China have gained momentum today and have increased by USD 2/MT. Activities in spot iron ore market picked up today which led to increase in prices.
Global Iron ore prices have fallen to 6 years low owing to supply glut from world’s major miners & slower growth in Chinese steel market. Some steel mills have cut production on the backdrop of poor steel demand & strict environmental concerns.
Global Iron Ore Prices
|
Particular |
Prices in USD/MT |
M-o-M |
| Fe 63/62, India | 55.6 | -8 |
| Fe 59/58, India | 36 | -8 |
| Fe 62, Australia | 56 | -9 |
| Fe 65, Brazil | 58 | -8 |
| Fe 64/63, South Africa | 71 | -15 |
CNF China prices
Source: SteelMint Research
Iron ore stocks at Chinese major ports witness slight reduction- Stocks of imported Iron ore at Chinese major ports have fallen slightly this week. It stood at 97.6 MnT last week and has fallen to 96.3 MnT this week.
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