Week 12 witnessed stability in spot iron lump premium. Lump premium was recorded at USD 0.15/dry MT unit, CFR China.
As per reports iron ore trading has remained quiet as some mills plans to restock next week over volatility in iron ore prices. A number of small steel mills, located in Hebei, Shandong and Shanxi province were heard to postpone their procurement since last week when the market was highly volatile.
This week global iron ore prices began at level of USD 56/MT, CFR China for Fe 62% fines then fell to USD 52-53/MT by mid week and then again rebounded to USD 56/MT, CFR China by end of this week.
Trade deals:
- Brazilian miner Vale was heard to have offered a 160,000 MT Fe 65% Brazilian Iron Ore Carajas fines at USD 62/DMT CFR Qingdao (loading 17 Mar’16)
- Rio Tinto sold 170,000 MT of Fe 62% Australian Pilbara Blend fines at USD 56.50/DMT CFR Qingdao
Pellet Premium stable at USD 16/DMT
Amid better demand, pellet premium continued to remain stable this week. Spot pellet premium for Fe 62% BF grade pellets is at USD 16/dry MT unit, CFR China.
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