Amid falling iron ore prices in global market, offers of imported South African lump have also noticed decline.
Towards the beginning of last week, global iron ore price index was observed at USD 56/MT, CFR China. By the end of the week, index declined to USD 53-54/MT, CFR China for Australian Fe 62% fines.
Market sources shared that shipments which are to arrive by end of this month were heard to be booked in the range of USD 65-67/MT CFR Kandla. However offers for South African lumps were heard to be around USD 65-66/MT, CFR Kandla for shipments to arrive in early May’16.
Spot iron lump premium was assessed at USD 0.166/DMT, CFR China on 30 Mar’16.
As per customs data maintained with SteelMint, there are two iron ore import vessels expected to arrive. Both import vessels (of 150,000 MT and 160,000 MT) from Brazil are of JSW Steel. The vessels are expected to reach Jaigarh Port.
A Kandla based iron ore importer in talk with SteelMint shared that two iron ore import vessels are expected to arrive in this month:
- Import vessel of around 80,000 MT iron ore is expected to arrive at Kandla Port on 12-13 Apr’16. The vessel has been jointly booked by Gujarat based plants
- Another import vessel of around 90,000 MT is expected to arrive at Kandla port on 24 Apr’16. The vessel has also been jointly booked by Gujarat based plants
Few Gujarat based mills continue iron ore purchases from Karnataka e-auctions
Gujarat based steelmaker-Electrotherm procured 4,000 MT lump (Fe 64%) from private miners’ auction conducted on 21 Mar’16 at bid price of INR 1,800/MT (basic).
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