Spot Iron ore prices continue to fall; prices have corrected by USD 11-12/MT in a month’s time.
Spot Iron ore prices in Chinese market corrected by USD 1-2 /MT, with Fe 62% Fines bid at USD 104/MT CFR levels in China.
In similar lines, prices for Indian 58% Fines dropped and hovering in the range of USD 83-84/DMT CFR China or USD 63-65/DMT FoB East Coast India, as mentioned by exporters to SteelMint.
Indian exporters have almost stopped their purchases from domestic market anticipating further fall in the spot market. A trader based in China mentioned that buyers may show interest in Indian 58% Fe fines at around USD 80/MT but that is also subject to condition.
Indian Iron ore export stood at around 15-16 MnT in FY14 against 18 MnT in FY13. However, with the Supreme Court’s order on liquidation of stock and resumption of mining operations in Goa, exports will increase and may go up to 23-25 MnT in FY15.
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