Iron ore price levels rallied by 2% on Monday as the market returned to business after holiday. In communion with the finished price rally by 2% it was on expected lines (Ref our article - Iron ore market in built up mood post National Holidays in China: dated 6th October).
Even though at least a week’s trend will be required to verdict credible upswing opening has been affirmative and encouraging. Iron ore stockpiles dipped by 1.5 million tonne from 3rd to 4th week of September to 95 million tonnes. Major Mills had withdrawn for the market late last month to curtail production in an oversupplied market.
Transactions were few but the spirits were high.
Indian Iron Ore Fines
FOB
| Grade | Change % |
| Fe 63.5/63% | 2.1% |
| Fe 63.5/62.5% | 2.1% |
| Fe 63/62 % | 2.1% |
| Fe 62 / 61% | 2.2% |
| Fe 61 / 60 % | 2.4% |
| Fe 60/59 % | 2.4% |
| Fe 59 / 58 % | 2.6% |
| Fe 58 / 57% | 2.6% |
| Fe 57/56 % | 2.7% |
| Fe 56/55% | 2.7% |
| Fe 55/54 % | 3.0% |
| Fe 54/ 53 % | 3.1% |
| Fe 53/52 % | 3.3% |
| Fe 52/51 % | 3.6% |
Change is on 8th October as compared to 24th September 2012
Source - Strategic Research Institute
(www.steelguru.com)
