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Iron ore prices sink in tandem with weakness in steel market in China
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Friday, 16 Sep 2011

Indian iron ore fines spot prices wilted for the first time in the last one month reflecting the circumspection in the market.

The finished steel market in China cracked after remaining on a cliff hanger over the past 6 weeks. It has brought to fore the inherent weakness in demand. Steel market ran on a weak track this week and eyed muted steel demands. Steel mills bore big liquidity pressure.

In fact crude steel production in August plummeted by 13.8 % at 58.75 million tonnes from 59.3 million tonnes in July. The daily output at 1.895mln tonnes in August hit the lowest record again in 2011.

Although the stock at Chinese ports fell marginally by 0.18 million tonnes to 95.51 million tonnes from 95.69 million tonnes WoW the sentiment remained sullen with slow buying as buyers chose to sit on the side lines.

Iron ore fines
FOB India

Fe 63.5/63%-1.2%
Fe 63.5/62.5%-1.2%
Fe 63/62 %-1.2%
Fe 62 / 61%-1.3%
Fe 61 / 60 %-1.3%
Fe 60/59 %-1.4%
Fe 59 / 58 %-1.4%
Fe 58 / 57%-1.5%
Fe 57/56 %-1.6%
Fe 56/55%-1.7%
Fe 55/54 %-1.8%
Fe 54/ 53 % -2.0%
Fe 53/52 %-2.2%
Fe 52/51 %-2.4%

Change is on Sep 15th as compared to 9th Sep 2011


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