Week 45 noticed further drop in spot iron lump premium and it fell to USD 0.0475/dry MT unit.
Increasing supply of lump cargoes in Asian market continued to drag spot lump premium further below. Last week, spot lump premium had touched the lowest level in this fiscal and was at USD 0.0625/dry MT unit.
Continuing the downtrend spot lump premium fell further this week by USD 0.015/dry MT unit (24% W-o-W) and stood at USD 0.0475/ dry MT unit.
Spot lump premium had dropped to an all time low of USD 0.035/dry MT unit on mid of Jun’14. With flooding of lump cargoes in the market, spot lump premium is witnessing a fall.
World’s major miners have recorded increased lump output in the third quarter ended Sept’15.
Rio Tinto’s Pilbara blend lump production moved up by 31% Y-o-Y in Q3 2015 and stood at 19.7 MnT. The mining giant produced 53.2 MnT lump from its Pilbara region in the time span of Jan’15-Sept’15 (up by 24%) against the same period last year. 
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