Spot Iron ore prices in China fell by 3.3% i.e by USD 2/MT on 19 May, 2015. Fe 62% fines is at USD 59/MT, CFR China.
In China, beginning of this week was marked by weaker sentiments in Spot Iron ore market. Prices fell further by USD 2/MT. Spot Iron ore prices which were witnessing uptrend over restocking of stocks by steel mills have shown a downtrend since last week.
Iron Ore Stocks at Chinese Major Ports at 85 MnT
Iron ore stocks at Chinese major ports have fallen marginally this week by 2.1 MnT from 87.1 MnT to 85.1 MnT W-o-W.
Global Iron Ore Prices
| Particular | Material Type | Prices in USD/MT | W-o-W |
| Fe 62, Australia | Fines | 61 | 0 |
| Fe 62, Australia | PB Lump | 70 | 0 |
| Fe 65, Brazil | Fines | 64 | -1 |
| Fe 65, Brazil | Lump | 70 | -1 |
| Fe 64/63, South Africa | Lump | 75 | -1 |
| Fe 64.5, South Africa | Concentrate | 68 | -1 |
| Fe 65/64.5, South Africa | Fines | 67 | -1 |
| Fe 63/62, India | Fines | 59 | -4 |
| Fe 61/60, India | Fines | 53 | -4 |
| Fe 59/58, India | Fines | 49 | -4 |
CNF China prices
Source: SteelMint
Recently it was reported that Prime Minister of Australia, Tony Abbott was looking forward to set up a government backed inquiry into Australia’s Iron ore sector. It was expected that his comments will follow calls for an inquiry over Global Iron ore prices fell by 50% over the supply glut from world’s major miners namely Rio Tinto & BHP Billiton.
But today, he backed from his decision of inquiry. The Prime Minister said “We certainly haven’t made any decision to have an inquiry. The last thing this government would ever want to do is interfere in a free market like the Iron ore market.”
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