Global iron ore price uptick and recent bookings to China have pushed up Indian iron ore export prices this week. SteelMint’s assessment for Fe 58/57% fines export stands at $73-75/t, CNF China for mid – Aug’20 shipments. The price has increased by $2/t w-o-w.
* A market participant from a global trading company reported few cargoes of Fe 57% iron ore fines being booked for China in mid of this week at around $74-75/t, CFR China.
* A trader concluded a deal for 55,000t low-grade (Fe 56%) fines at around $71-72/t, CFR China this week for Aug’20 shipment, as per reliable sources report to SteelMint.
The rise in global iron ore fines (Fe 62%) prices have favored low grade price rise. Chinese spot iron ore prices opened at $111.85/ t this week. The prices depicted a strong rise this week against last week closing at $105.09/t amid concerns over August supply amid maintenance going on at several iron ore loading ports in July.
The 62% fines have gained over the past month fuelled by demand from Chinese mills ramping up steel output after coronavirus-related shutdowns ended in April and tighter supplies of ore from Brazil and South Africa, where coronavirus-related restrictions have affected mining and logistics operations.
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