Amid falling Iron ore stocks at Chinese major ports, Spot Iron ore prices in China have moved up by USD 2/MT today.
Spot Iron ore prices in China have surged by 3.3% i.e USD 2/MT. Fines (Fe 62%) fines are at USD 62.5/MT, CFR China.
Iron Ore Stocks at Chinese Major Ports fall below 90 MnT:
Iron ore stocks at Chinese major ports have fallen sharply this week by 4.8 MnT from 91.9 MnT to 87.1 MnT W-o-W. Also, stocks have reduced by 9% from 95.4 MnT to 87.1 MnT M-o-M.
Earlier, some of the world’s largest miners had announced that they are delaying their Iron ore expansion projects. Baosteel-a major steel maker in China has also announced that they will hold-up its Iron ore project in Australia for at least a period of 18 months considering the slump in Iron ore prices which resulted over increased supply.
China’s Central Bank further reduced the interest rates on 10 May, 2015. This was for the 3rd time that interest rates have been reduced in last 6 months. Thus, making it easier for the companies by reducing their cost of borrowing.
Global Iron Ore Prices
|
Particular |
Material Type |
Prices in USD/MT |
| Fe 62, Australia | Fines | 61 |
| Fe 62, Australia | PB Lump | 70 |
| Fe 65, Brazil | Fines | 65 |
| Fe 65, Brazil | Lump | 71 |
| Fe 64/63, South Africa | Lump | 76 |
| Fe 64.5, South Africa | Concentrate | 69 |
| Fe 65/64.5, South Africa | Fines | 68 |
| Fe 63/62, India | Fines | 62.5 |
| Fe 61/60, India | Fines | 57 |
| Fe 59/58, India | Fines | 53 |
CNF China prices
Source: SteelMint
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