Abundance of Brazilian and Australian cargo offers is playing havoc with the spot iron ore levels off late. The market having lost nearly 3% in the last 1 month although not enough to set the alarm bells ringing but it has definitely changed the direction in the traditionally upbeat market before annual holidays.
Transactions are limited as the mills see no rationale in amassing volumes when the domestic finished market is sluggish and propensity to produce less. Moreover with the stockpile touching nearly 100 million tonnes at the port there is no hurry to stock material before the holidays.
Sentiment is not nearly as favorable and prices are likely to be weaker with subsequent trades. While some traders remain keen, Chinese buyers are less likely to commit at this time.
Iron ore fines
FOB India
| Grade | Change |
| Fe 63.5/63% | -1.5% |
| Fe 63.5/62.5% | -1.5% |
| Fe 63/62 % | -1.6% |
| Fe 62 / 61% | -0.8% |
| Fe 61 / 60 % | -0.9% |
| Fe 60/59 % | 0.0% |
| Fe 59 / 58 % | 0.0% |
| Fe 58 / 57% | 0.0% |
| Fe 57/56 % | 0.0% |
| Fe 56/55% | 0.0% |
| Fe 55/54 % | 0.0% |
| Fe 54/ 53 % | 0.0% |
| Fe 53/52 % | -1.4% |
| Fe 52/51 % | -1.6% |
Change is on Dec 16th as compared to 14th Dec 2011
To know exact levels, likely scenario, domestic iron ore spot prices at Bellary and Barbil and FOB East Coast spot prices subscribe to “Iron Ore Services” of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.com along with your full contact details.
The accuracy and the speed of reporting changes is well appreciated by not only Indian miners, but by global iron ore majors as well as Chinese mills as many of them have subscribed to this service to maintain another but solid listening post as far as Indian spot market is concerned.
(Sourced from www.steelprices-india.com)
