Iron ore prices recover by 6% as spot steel prices move up
Today, Chinese spot iron ore fines prices (Fe 62%) stood at USD 55.3 /MT, CFR China. Prices rose nearly a month’s high. Prices were at USD 56/MT, CFR China on 02 July’15. This upward movement in prices can be seen as spot steel prices in China rebounded. Also, there is some positive recovery in Shangahai rebars and billet prices as both recovered by Rmb 20/MT in three consecutive days in this week.
Weak demand and strict anti-pollution measures had forced Chinese steel mills to curb production upto 30-50%. In addition to this, some inefficient mills had been asked to shut down in order to support the country’s anti-pollution standards.
According to China Iron and Steel Association (CISA), steel consumption dropped down to 4.7% in the period between Jan’15-June’15. Analysts anticipate that it will be hard to see improvement in steel consumption because of lesser construction activity in the upcoming 2-3 months.
Meanwhile, port inventories at major Chinese ports also dropped down by 1% to 81.3 MnT till yesterday.
Global Iron Ore Prices as on 29 July’15
| Particular | Material Type | Prices in USD/MT |
| Fe 62, Australia | Fines | 55.3 |
| Fe 62, Australia | PB Lump | 57 |
| Fe 65, Brazil | Fines | 54 |
| Fe 65, Brazil | Lump | 61 |
| Fe 64/63, South Africa | Lump | 65 |
| Fe 64.5, South Africa | Concentrate | 57 |
| Fe 65/64.5, South Africa | Fines | 54 |
| Fe 63/62, India | Fines | 52 |
| Fe 61/60, India | Fines | 49 |
| Fe 59/58, India | Fines | 43 |
CNF China prices
Source: SteelMint
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