Spot iron ore prices in China have today fallen further by 4.4%. Fe 62% fines are at USD 49.7/MT, CFR China.
Iron ore fines (Fe 62%) prices in China have witnessed a fall of USD 10/MT in first seven days of this month. Today, price of fines (Fe 62%) fell to USD 49.7/MT. Prices had last touched USD 50/MT levels in mid-Apr’15.
Slump in iron ore prices is threatening survival of small steel mills who are already fighting against weak steel demand. To add on, iron ore stock at Chinese ports have also increased by 1.7% W-o-W. Chinese rebar futures fell further by 5% yesterday. This might force steel mills to reduce iron ore consumption which will put pressure on iron ore prices.
Market anticipates the prices to touch USD 40/MT levels owing to weakening economy in China and increasing iron ore production coming up from Australian miners.
Global Iron Ore Prices as on 07 July’15
|
|
Material Type |
|
|
| Fe 62, Australia | Fines | 49.7 | -9 |
| Fe 62, Australia | PB Lump | 61 | -9 |
| Fe 65, Brazil | Fines | 51 | -13 |
| Fe 65, Brazil | Lump | 59 | -13 |
| Fe 64/63, South Africa | Lump | 65 | -10 |
| Fe 64.5, South Africa | Concentrate | 58 | -10 |
| Fe 65/64.5, South Africa | Fines | 56 | -10 |
| Fe 63/62, India | Fines | 49 | -10 |
| Fe 61/60, India | Fines | 43 | -10 |
| Fe 59/58, India | Fines | 39 | -10 |
CNF China prices
Source: SteelMint
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