Global iron ore prices are assessed at USD 55.5/MT, CFR China on 17 Mar’16. Spot iron ore prices have faced some bounce back as prices after a historic surge to USD 63/MT, tumbles to USD 52/MT, in a week time upon weak supply-demand fundamentals.
Spot iron ore prices were under pressure due to slow steel demand in China. However, today Chinese domestic steel prices shows rise again leading to rise of USD 3/MT in iron ore prices.
Today, Chinese spot billet prices are assessed at RMB 1,820/MT (USD 280/MT), Ex-Tangshan which was at RMB 1750/MT (USD 269/MT) on 16 Mar’16. Prices rose by USD 11/MT in a day time.
Global iron ore price index jumped moves up at USD 56/MT as there were physical buying seen in the market. Steel mills went for purchase as the prices touches to a level of USD 52-53/MT, CFR China.
Market analysts also anticipates that current increase in prices was due to “International Horticulture Expo” in Tangshan China (a major steel producing city in Hebei province. During this expo (starting 29th Apr’16 to 16 Oct’16), the steel mills in Tangshan will go production cuts contributing environmental friendly region in Hebei. So, due to limited production of steel, iron ore prices may remain firm over limited buying interest.
Nepal’s largest iron ore reserves found in Nawalparasi
Nepal’s largest iron ore reserves around 8 MnT iron ore was found in Nawalparasi. This is Nepal’s largest iron ore mines.
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