Continuing with the rising streak observed since last 5 weeks, spot iron lump premium has edged up further by 6% this week.
Spot lump premium which was assessed at USD 0.08/dry MT unit, CFR China for Fe 62% lump has moved up further this week to USD 0.085/dry MT unit, CFR China.
Many steel mills in China are still seen restocking iron ore ahead of the Chinese Lunar New Year holidays. Owing to this iron ore trade activities also picked up.
In a recent trade activity, BHP Billiton- one of the world’s major iron ore miners sold 80,000 MT Newman lump (Fe 63%) at a lump premium of USD 0.091/ dry MT unit. The cargo has a laycan of 24 Feb’16-4 Mar’16.
Iron ore prices in China have shown a marginal increase of USD 0.5/MT yesterday (27 Jan’16). Cyclone threat along west Australia has forced evacuation of vessels at Port of Port Hedland by Pilbara Port Authority which has contributed to the rise in prices. Port of Port Hedland is world’s largest iron ore export port.
Vale’s Tubarao Port receives favorable decision over reestablishment of port activities
In a press release, Vale informed about its reestablishment of port operations at some of the terminals at its Tubarao Port which were suspended since 21 Jan’16 amid alleged environmental pollution concerns.
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