Indian low-grade iron ore fines (Fe 57/58) export price inched down to around USD 57-59/MT, CFR China, down by USD 1-2/MT. At the beginning of this week low-grade iron ore (57/58) prices increased by USD 2-3/MT but towards the end of the week offers declined amid fallen global iron ore prices.
Chinese spot iron ore fines (Fe 62%) declined by USD 3/MT towards the end of this week (on 20th Dec’19) to USD 91/MT, against USD 94/MT, CFR China this week.
As per the sources, an Odisha based major merchant miner concluded low-grade iron ore (57/58%) to China at around USD 60/MT CFR, China for early Jan shipment. In another deal at the mid of this week, a trader also concluded low-grade fines deal at USD 60/MT CFR, China.
SteelMint learned from the sources that, Indian low-grade fines export demand remains low in China as mills prefer high-grade cargoes from Australia & Brazil amid recently tightened pollution control norms in Tangshan. Market participants reported Chinese demands towards end of this month soften slightly amid holidays.
As per data compiled by SteelHome consultancy, iron ore inventory at major Chinese ports increased to 129.2 MnT as against 127.6 MnT assessed towards the end of last week. Pellet inventory witnessed rise W-o-W to 6.2 MnT against 6 MnT a week ago.
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