Seaborne Iron ore fines market represents bearish sentiments, with a continuous fall in its prices. Today Iron ore fines Fe 63.5/63 dropped to USD 124/MT CFR China.

Weak demand of Steel product could not help Iron ore market to gain confidence. Market is down by USD 7 from last week.

[su_quote]Looking into poor Steel demands, some of the Chinese Steel mills are asking to delay their future contracted Iron ore delivery from February to March, said Sources[/su_quote]

On the other hand, tight liquidity continuous to be key factor stopping Steel mills to do Spot purchasing.

Today in early trading, spot prices for Fe 61.5 PB fines fall by RMB 10/MT to RMB 850/WMT at Qingdao Port and foreign quotes are at USD 122/DMT CFR China, drop of USD 3/DMT. Square billet are offered at RMB 2,840/MT (EXW; VAT included) in Tangshan, down by RMB 20/MT.

USD 1= RMB 6.1087

Global Iron Ore Fines Prices (in USD/MT) as on 22 Jan, 2014

India

Out of 15 MnT of mined Iron ore in Goa, the Government has decided to e-auction 1 MnT of Iron ore during the first week of February 2014.

Exports

Today, 57,100 MT of Iron ore is being loaded by Bagdiya & Samaleswari into vessel named Valdivia at Paradip port.