SteelMint in conversation with market participants learned low-grade fines (Fe 57/58) export price up to around USD 54-57/MT, as against last week’s assessment at USD 53-55/MT, CFR China.
One of the traders from Odisha heard to have concluded deals for two cargoes of 50,000 MT each yesterday at around USD 57-58/MT, CFR China.
Earlier this week, Odisha based miner has also concluded a deal to export Low-grade iron ore at INR 53/MT CFR, China.
Trade sources mentioned that lowering iron ore stock at Chinese ports has resulted in some improvement in demand. However, demand for low-grade fines is still not that strong as that of high grade.
As per data compiled by SteelHome consultancy, Iron ore inventory at major Chinese ports dropped to 130.35 MnT as against 131.75 MnT assessed towards the end of last week.
Spot iron ore prices increased this week-: Chinese spot iron ore fines prices (Fe 62% fines) yesterday (i.e 15th Oct’19) at USD 85/MT, CFR China, up 8% W-o-W
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