Spot Iron ore purchase decreased by steel mills in China as they are facing credit crunch after sluggish steel demand. Smog Alert by the government is also putting pressure to decrease the output.
Seaborne Iron ore prices have declined by USD 2/MT on 18 Mar, 2014 with the fall in traders interest for ore purchase. Steel mills are already out of spot buying owing to sluggish steel demand and government’s pressure of smog alert forcing mills to decrease steel output owing to environmental damage.
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Iron Ore Fines Prices on 18 Mar, 2014 |
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|
Country |
Grade |
Price in USD/MT (CNF) |
M-o-M |
|
India |
Fe 63.5/63 |
111 |
-13 |
|
Fe 61/60 |
104 |
-13 |
|
|
Fe 58/57 |
94 |
-10 |
|
|
Fe 53/52 |
70 |
-11 |
|
|
Brazil |
Fe 65 |
112 |
-17 |
|
Australia |
Fe 61.5 |
110 |
-14 |
Steel mill reduced purchasing of Iron ore owing to increasing steel stocks. Many mills in China are going through very tight financial situation as the demand is not improving.
India:
Goa Government has kept 3rd e-auction on hold owing to falling Iron ore prices in the global market as most of the ore is used for export purpose. Iron ore prices in China shows decline of USD 14/MT M-o-M CNF China.
Export:
Paradip Port: Kashvi Power to export around 55,000 MT Iron ore in vessel name Sheng Ping Hai.
Vizag Port: Around 43,500 MT ore is to be exported by Chowgule in vessel name Avocet.
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