SteelMint’s weekly index for India’s low-grade iron ore fines (Fe 57%) exports stood at $47/t FOB east coast, rising marginally by $1/t w-o-w. The market has remained largely quiet amid subdued Chinese buying interest. Demand for low-grade ore continues to remain weak in China.
Price indicators:
- No confirmed deal was reported in the current publishing window and hence given 0% weightage under T1 trade. Click here for methodology.
- SteelMint received five (05) indicative prices, bids and offers in the current publishing window of which four (04) were considered for price calculation as T2 inputs and given 100% weightage.
The market is relatively weak in terms of physical buying activities. After successive significant price drops seen in the last two days in China, sentiments have picked up slightly today after the state council intervened on stabilising market prices and stressed on reasonable economic growth.
Market highlights –
- Spot prices decrease by $22/t w-o-w: The spot price of benchmark iron ore (Fe 62%) fines increased w-o-w to $135.55/t CFR China on 15 Mar’22 against $157.55/t a week ago. Seaborne iron ore prices fell d-o-d on 15 March as market participants were cautious about procuring seaborne cargoes due to strong fluctuations in prices.
- DCE iron ore futures inch down: DCE iron ore futures’ May contract closed at RMB 804/t ($127/t) on 16 March, down RMB 3.5/t ($1/t) against last week.
- Port inventories in China decrease: Iron ore inventory at major Chinese ports decreased to 157.2 mnt on 10 March compared to 158.9 mnt last week, as per SteelHome data.
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