SteelMint’s weekly index of India’s low-grade iron ore fines (Fe 57%) exports stood at $81/tonne (t) FOB east coast on 10 March, 2023, up $2/t w-o-w.
SteelMint heard of one deal of around 55,000 t of low-grade iron ore fines (Fe 57%) at $93-94/t CFR China for March shipments. “Mills are not profitable, so low grade fines are being sold almost at a premium at this point,” a Chinese trader said.
Price indicators
- One deal was concluded this week so far, out of which two were taken for price calculation under T1 trade and given a 50% weightage. Click here for the methodology.
- SteelMint received twelve (12) indicative prices, bids, and offers in the current publishing window and all were considered for price calculation as T2 inputs and given a 50% weightage.
Market highlights
- Global iron ore prices up w-o-w: The benchmark Fe 62% fines index inched up by $0.55/t w-o-w on 9 March, 2023 to $127.90/t CFR China as against $127.35/t a week ago. Some participants’ decided to take a more cautious attitude, and thus there were not many trades heard getting completed during the day in the primary and secondary markets. Steel sales are inconsistent.
- DCE iron ore futures fall w-o-w: DCE iron ore futures’ May 2023 contract decreased to RMB 910 ($131/t) on 10 March, down RMB 9/t ($6.5/t) as against RMB 919/t ($132/t) on 3 March. DCE iron ore futures contract was down by RMB 6.5/t compared to RMB 916.5/t, one day back.
- Port inventories in China fall: Iron ore inventory at major Chinese ports decreased by 2.8 mnt to 138.6 mnt on 9 March compared to 141.4 mnt last week, as per SteelHome data.
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