Continuing the uptrend, Spot Iron ore prices in China have moved by USD 3/MT today.
Spot Iron ore prices in China increased by 5.9% i.e USD 3/MT today making it the highest weekly gain. Prices have witnessed an uptrend this month and have surged by USD 7/MT in last one week. Restocking of Iron ore by steel mills with low inventories has led to increase in prices.
Though, demand for Steel has yet not recovered much, which still remains a matter of concern. This might build pressure on Iron ore prices in China.
Global Iron Ore Prices
|
Particular |
Material Type | Prices in USD/MT |
W-o-W |
| Fe 63.5/63 | Fines | 58 | +7 |
| Fe 63/62, India | Fines | 57 | +7 |
| Fe 61/60, India | Fines | 61 | +7 |
| Fe 59/58, India | Fines | 37 | +7 |
| Fe 58/57, India | Fines | 34 | +7 |
| Fe 62, Australia | Fines | 56 | +5 |
| Fe 65, Brazil | Fines | 58 | +6 |
| Fe 64/63, South Africa | Lump | 65 | +3 |
CNF China prices
Source: SteelMint Research
The Anglo Australian miner- BHP Billiton has resisted from their planned expansion of Iron ore production. This move will prevent its progress towards boosting production to 290 MnT pa by mid 2017.
On the other hand Vale, world’s largest Iron ore producer has set a record of highest Iron ore production in Q1 2015. The miner produced 77.4 MnT Iron ore, which is greater by 4.5% against last year.
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