Indian iron ore export market continued to remain active this week with deals getting concluded from Odisha based traders. According to trade sources, nearly bookings of low-grade iron ore fines (Fe 57%) were concluded during the week at around $73-74.5/t, CFR China for which shipments scheduled in Aug’20.
SteelMint’s weekly assessment for Fe 58/57% fines export stands stable at $73-75/t, CFR China.
A market participant from a global trading company reported booking of two parcels of 50,000 t (Fe 57%) iron ore fines for China early this week at around $74/t, CFR China. Few firm bids were reported at around $72-73/t CFR China towards the weekend after decline in global iron ore prices.
During the week, spot prices of iron ore fines fell yesterday. On Friday (24th Jul) spot iron ore prices Iron ore fines (Fe 62%) fell by $1.65 to $110.55 CFR China .On weekly basis spot index stable against $110.45/t, CFR China on 18th July. Iron ore fines future also witnessed a fall yesterday on weak market sentiments and escalated trade tensions between US-China recently.
Port inventories at China increased to 115.05 mn t, a hike of 3.05 mn t in a week as against 112 mn t assessed a week ago. On a monthly basis, inventory at China port increased by approximately 6 mn t against 109.25 mn t on 24th Jun as per the data compiled by SteelHome consultancy.
Odisha based iron ore exporters and miners are quite active at the moment to clear off their their old inventories and with decent Chinese demand they are actively concluding deals.
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