Indian low-grade iron ore fines export prices increased further by USD 1-2/MT against last week’s report. Recently, deals have been concluded by Indian traders for Odisha origin iron ore to China. However yesterday prices moved down by USD 2.2/MT following a decline in futures.
— A global trading company concluded the deal for two vessels of low-grade fines (Fe 57%) at around USD 65/MT, CFR China this week. The material shipment is scheduled for Jul’20.
— Another trader from Odisha has also booked one vessel for low-grade fines for exports at around USD 63.5/MT CFR China last week.
— It was also reported that an Odisha based miner concluded low grade fines export deal at USD 64/MT, CFR China last week.
SteelMint’s assessment for fines (Fe 58/57%) this week is at around USD 64-65/MT, CFR China, against last week’s assessment of around USD 62-64/MT, CFR China.
The prices have picked up amid strong demand and falling iron ore inventory in China. Spot iron ore fines (Fe 62%) price increased sharply around USD 12/MT to USD 95/MT, CFR China yesterday (i.e. 27nd May 2020) against the price of USD 83/MT CFR China last month. However yesterday prices down by USD 2.2/MT following decline in futures.
Iron ore inventory at major Chinese ports also dropped to 110 MnT last week as against 111.95 MnT assessed a week ago as per data compiled by SteelHome consultancy.
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