Seaborne Iron ore prices down by USD 2/ MT in this week and touches around 9 month low (last seen on 17 Jun’13). Chinese spot Iron ore market is under pressure owing to sluggish steel demand and rising stocks at ports.
Chinese steel mills stay away from spot buying as the prices are uncertain. Steel prices have declined by 8% in this year which puts major impact on Iron ore prices. Few mills are selling excessive Iron ore stocks owing to decrease in steel demand.
|
Iron Ore Fines Prices on 07 Mar, 2014 |
|||
|
Country |
Grade |
Price in USD/MT (CNF) |
M-o-M |
|
India |
Fe 63.5/63 |
116 |
-6 |
|
Fe 62/61 |
111 |
-6 |
|
|
Fe 59/58 |
99 |
-6 |
|
|
Fe 53/52 |
73 |
-6 |
|
|
Brazil |
Fe 65 |
117 |
-11 |
|
Australia |
Fe 61.5 |
115 |
-6 |
An exporter based in Paradip port said, “Iron ore prices are very low and it is difficult to say when the prices will improve. No new deals are happening at this price. Export from Paradip port taking place but all are old deals, concluded when the prices are high.”
Iron ore export from India expected to decrease in Mar’14 if the prices remained at the same level. Iron ore demand from China is decreasing after firm environmental regulations and forced some Chinese steel mills to cut their production by 30%.
Iron ore prices down by USD 4/MT in last week i.e. from USD 122/MT (24 Feb’14) to USD 118/MT (28 Feb’14). In this week, Iron ore price decreased by USD 2/MT. Continues fall in Iron ore prices is because of decease in steel demand at China.
Export
Paradip Port: SM Niryat and MMTC are exporting 55,350 & 42,000 MT Iron ore respectively from vessel name Jin Sui & Go Star.
Haldia Port: Rungta is going to export 44,000 MT Iron ore on vessel name STX Clover & Pacific Dolphin.
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