Thursday, February 03,
The world’s first iron ore futures in India rose a bit on Wednesday. At 5:00 p.m. on the Indian Commodity Exchange (ICEX), iron ore of 62 percent fines for March delivery was trading 0.85 percent higher at Rs 8,014/MT, including freight cost for delivery to northern China.
While on the Multi Commodity Exchange (MCX), 62 percent fines for February delivery was trading 0.30 percent higher at Rs 7,380/MT (FOB).
ICEX, which is part-owned by state-run MMTC Ltd-the biggest Indian trader of iron ore, recorded volumes of 20,800 MT, down by 15% from a day ago. MCX volumes were at 1,500 MT.
The Platts 62 percent iron ore index was unchanged at $187.25 a tonne, cost and freight delivered to China. The Steel Index’s 62 percent benchmark was steady at $185.60.
The trading entered into its fourth day, and have been witnessing moderate volumes since its launch, and analysts said volumes would remain thin until exporters get used to the contract.
“We have been getting enquiries from iron ore exporters. We see potential in these contracts going forward,” said Aurobinda Prasad, head of research, Karvy Comtrade.
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