Chinese spot Iron ore prices have declined further by USD 1/MT today. Fe 62% fines is currently at USD 61.7/MT, CFR China.
Continuing the downfall, Iron ore prices in China have fallen further by USD 1/MT today and are at USD 61.7/MT, CFR China.
Reasons behind fall in Spot Iron Ore Prices in China
- Raw Material Supply Glut from World’s Major Miners: BHP Billiton and Rio Tinto are continuously increasing their output. In Jan’15, it was reported that Rio Tinto has boosted up its production by 12% in Dec’14 (Y-o-Y).
- Increasing Stock at Chinese Major Ports: Iron ore stock at Chinese major ports have increased from 96.94 MnT (as on 26 Dec’14) to 97.96 MnT (as on 23 Jan’15).
- Sluggish Steel Market in China: China continues to face tough time with its economy expanding in slowest pace in 24 years in 2014.
Global Iron Ore Prices
|
Particular |
Prices in USD/MT |
| Fe 63/62, India | 61.7 |
| Fe 63.5/63, India | 63 |
| Fe 61/60, India | 56 |
| Fe 59/58, India | 42 |
| Fe 58/57, India | 39 |
CNF China prices
Source: SteelMint Research
Experts anticipate that Chinese spot Iron ore fines (Fe 62%) prices are likely to touch USD 60/MT in the short run.
Leave a Reply