Indian low-grade iron ore fines (Fe 58/57%) export price stable at around USD 58-60/MT, CFR China, in line with last week’s assessment.Chinese spot iron ore fines (Fe 62%) prices stable W-o-W towards the end of this week (on 27th Dec’19) to USD 90.5/MT, against USD 91/MT, CFR China against last week.
As per the sources, an Odisha based major merchant miner concluded 55,000 MT low-grade iron ore (57/58%) to China at around USD 60/MT CFR, China for mid Jan’20 shipment. However, few deals were reported to have concluded at USD 58-59/MT, CFR China levels.
Other deals were heard to have remained under negotiation at around similar levels. As per the sources, China is more looking at medium and high-grade iron ore following amid winter production curbs. Since December 19, steel mills in East China’s Shandong province and North China’s Shanxi province have been forced to obey strict production curbs because of heavy air pollution.
Upcoming New Year holidays are likely to keep trade activities on the lower side.
Also, rising port inventories contributed to price fluctuation. As per data compiled by SteelHome consultancy, iron ore inventory at major Chinese ports increased to 130.75 MnT as against 129.2 MnT assessed towards the end of last week.
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