China: Spot Iron Ore Prices up by USD 3/MT in a Week

Spot Iron ore market in China sustained upward movement. Iron ore price up by USD 3/MT in a week with increase in buying by the traders in China.

Spot Iron ore fines prices for Fe 53/52 grade material are at USD 81/MT and for Fe 63.5/63 at USD 124/MT CFR China. Spot Iron ore fines prices up in China over improved steel prices.

Chinese Traders are actively participating for purchase of Iron ore in anticipation of further increase in prices and improvement of steel demand in coming months. Some mills have done restocking as of limited stock available after week long lunar holiday.

Iron ore market supported by most active Rebar contract for delivery in May at the Shanghai Futures Exchange RMB 3,459/MT. Billet prices are closely observed by the buyers as the sign of steel fundamentals. Billet price up by RMB 80/MT from Friday to RMB 2,920/MT. Iron ore stocks at Chinese ports are more than 100 MnT which indicates that prices will not move such high as in December, 2013. 

India

The first e-auction in Goa for 0.53 MnT Iron ore get the overwhelming response by the bidders. The bigger lot of Iron ore show more increase in bid prices compared to the smaller lots. The biggest lot of 1,40,000 MT Iron ore having 50.9 Fe content got the highest bid for INR 1,700/MT against floor price of INR 910/MT, said by a source.

Export

Paradip Port: Vessel name Hinode Maru is being loaded with 56,900 MT of Iron ore by SM Niryat. Vessel expected to sale on 19 Feb, 2014 at 14:00 IST.