- Active export deals witnessed from India
- Lower-grade fines discount level stable w-o-w
Indian iron ore fines export prices saw an upward trend this week as trading activity picked up in the seaborne market. With global prices moving north yesterday, multiple shipments were booked by overseas buyers. However, market sentiment turned cautious today as prices softened, prompting exporters to remain on the sidelines.
BigMint’s bi-weekly Indian low-grade iron ore fines (Fe 57%) export index rose by $1.5/t w-o-w to $69.5/t FOB east coast, India, on 13 February 2025. However, prices fell by $1/t against the previous assessment on 10 February. A deal of 55,000 t fines (Fe57%) was recorded at $81/t CFR China yesterday. Odisha-based miners sold around 60,000 t of iron ore fines (Fe54-55%) at $62/t FOB couple of days back. In other deals, 55,000 t fines (Fe57%) were recorded at $80/t CFR China from Vizag. Odisha-based miner sold two Supramax Fe57% fines cargo at $81-82/t CFR China but deals are yet to be confirmed.
This week, approximately 250,000 t of iron ore fines were traded for exports from India. While some exporters received bids from buyers, negotiations continued without final deals in certain cases.
An exporter commented: “The market witnessed strong demand initially, but today’s price drop has led to hesitancy among sellers. We are seeing more material being lifted to ports, and trades are expected to pick up in the coming days.
The discount for Fe 57% fines remained stable in the range of 18-19%, while Fe 54-55% fines cargoes were offered at a 24-26% discount on the global fines index. Despite the fluctuations, market participants remain optimistic.
A miner informed, “The export prices and demand were volatile in the last couple of days, however; inquiries from overseas buyers for the Indian fines have increased amid the weather disruptions in Australia. The discount level for the single mine cargo was slightly lower for the trades.”
The market participants are currently observing the price movements for further transactions and sourcing materials to ports for export deals. Few more trades are to be expected in the next week as currently under negotiation.
Chinese spot prices rise w-o-w: The benchmark iron ore fines prices in China rose by $5/t w-o-w at $109/t CFR on 12 February following weather-related disruptions in Western Australia. Seaborne cargoes with favourable laycan dates may see price premiums, though the upward trend lacks solid support. Prices at Chinese ports have risen especially in the northern and eastern regions, as the market prepares to restock cargoes from ports.
DCE iron ore futures drop: Iron ore futures on the Dalian Commodity Exchange (DCE) for the May 2025 contract opened at RMB 808/t ($112/t) with a fall of RMB 9.5/t ($1/t) w-o-w on 13 February. On d-o-d basis, prices dropped by RMB 20.5/t ($3/t) today.
Price indicators
- One (1) deals were reported in this publishing window and considered for price calculations. Therefore, T1 trade was given 0% weightage in the index calculation. For the detailed methodology, click here.
- BigMint received twenty-five (25) indicative prices in the current publishing window, and twenty (20) were considered for price calculation as T2 inputs and given a 100% weightage.
Outlook
According to BigMint’s analysis, the export market is expected to remain volatile, but the recent imposition of U.S. tariffs has had minimal impact on Indian seaborne trade, keeping price movements largely demand-driven.
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