Traders in China start buying Iron ore in terror of further upsurge in prices. Purchasing increased when spot Iron touches 18-month low at USD 105/MT on 11 Mar, 2014.
Seaborne Iron ore prices is up by USD 3/MT on 14 Mar, 2014 on strong purchase of Iron ore by Chinese traders. Steel mills out of spot market as the demand for steel is not increasing. Shanghai Futures exchange (SHFE), one of the oldest steel exchanges in China close to touch largest weekly drop in a year.
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Iron Ore Fines Prices on 14 Mar, 2014 |
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|
Country |
Grade |
Price in USD/MT (CNF) |
M-o-M |
|
India |
Fe 63.5/63 |
113 |
-9 |
|
Fe 62/61 |
108 |
-9 |
|
|
Fe 59/58 |
99 |
-9 |
|
|
Fe 53/52 |
72 |
-9 |
|
|
Brazil |
Fe 65 |
114 |
-13 |
|
Australia |
Fe 61.5 |
111 |
-11 |
Iron ore stocks at major Chinese port were at all time high of 105 MnT. A trader in China said, there is imparity in demand & supply of Iron ore which also affected by increasing steel stocks at mills, letting mills out of spot buying of Iron ore.
Export
Paradip Port: Rungta mines to export around 45,800 MT Iron ore in vessel name STX Clover.
Vizag Port: Around 35,000 MT Iron ore is to be exported by Rungta mines in vessel name Townsville Maru.
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