SteelMint’s weekly price index of India’s low-grade iron ore fines (Fe 57%) exports remained stable w-o-w at $73/tonne (t) FOB east coast on 25 January 2022. Owing to the ongoing Chinese Lunar New Year holidays, the market was silent.
India’s iron ore export shipments were recorded at 334,290 t in the third week of January in comparison with 886,490 t in the second week of January, as per vessel line-up data maintained with SteelMint.
The trading activity at the portside was calm as most steel mills had finished their pre-Lunar New Year restocking activities.
Price indicators
- No deal was reported in this week hence not taken into price calculation under T1 trade and given 0% weightage in the index calculation. 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 100% weightage.
Market highlights
- Global iron ore prices fall: The benchmark Fe 62% fines index fell by $0.35/t w-o-w on 20 January to $126.65/t CFR China as against $127/t a week ago. The spot prices of iron ore in China decreased slightly w-o-w due to slow buying for February arrival shipments since steel mills’ restocking was nearly finished before the Lunar New Year holidays.
- Port inventories in China edge down: Iron ore inventory at major Chinese ports inched down to 134.3 mnt on 18 January compared to 135.2 mnt last week, as per SteelHome data.
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