China Spot Iron Ore Prices under Stress
China spot Iron ore prices maintain declining trend on top of 108 MnT Iron ore fines accumulation at Chinese port. Market players guess prices could drop for the reason there’s a feeble Steel demand. Spot Iron ore market in China is world’s largest sea borne Iron ore market.
Prices lose USD 4/MT this week
Spot Iron ore prices in Chinese market still on a downward movement owing to dwindling buying interest from Steel mills. Since Monday, prices slumped by USD 4/MT and Fe 62 Iron ore fines are at USD 111/MT CFR China.
Indian Iron ore traders like better to check overseas sale as cost of export is higher than existing price level. Steel prices in China dived down because of stockpile and slowdown in growth of manufacturing sector. Steel mills rather delay procuring Iron ore fines for the reason that prices plummet and retain purchases, awaiting a little stability.
|
Iron Ore Fines Prices on 23 Apr, 2014 |
|||
|
Country |
Grade |
Price in USD/MT (CNF) |
W-o-W |
|
India |
Fe 63/62 |
111 |
-4 |
|
Fe 60/59 |
102 |
-4 |
|
|
Fe 59/58 |
99 |
-4 |
|
|
Fe 53/52 |
70 |
-4 |
|
|
Brazil |
Fe 65 |
116 |
-3 |
|
Australia |
Fe 61.5 |
111 |
-4 |
W-o-W: Week on Week
Source: SteelMint Research
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