Spot iron ore prices in China witnessed a steep fall of USD 3/MT from yesterday’s prices.
Iron ore index prices fell by USD 3/MT today. Prices of Fe 62% fines are at USD 55.8/MT, CFR China. Domestic steel mills continue to curb output on low demand.
Global Iron Ore Prices as on 02 July’15
|
|
Material Type |
|
| Fe 62, Australia | Fines | 55.8 |
| Fe 62, Australia | PB Lump | 71 |
| Fe 65, Brazil | Fines | 62 |
| Fe 65, Brazil | Lump | 69 |
| Fe 64/63, South Africa | Lump | 73 |
| Fe 64.5, South Africa | Concentrate | 66 |
| Fe 65/64.5, South Africa | Fines | 64 |
| Fe 63/62, India | Fines | 59 |
| Fe 61/60, India | Fines | 53 |
| Fe 59/58, India | Fines | 49 |
CNF China prices
Source: SteelMint
Iron Ore Lump Premium Declines to USD 0.11/ DMT Unit
Spot lump premium which was around USD 0.17/dry MT unit on Week 19 has fallen to USD 0.11/dry MT unit this week.
Demand for imported lump in China has been witnessing downtrend as buyers look for cost effective substitutes. Imported lump being costly owing to higher lump premium has lost its attraction from buyers. Buyers in China have turned to other alternative – pellet, which could be obtained by pelletizing domestic concentrate material.
Also, delivery time of domestically available concentrate material is comparatively less
than imported lump. Thus, due to above mentioned factors domestic material is more preferred over imported lump.
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