The hike of export duty in India on iron ore to 30% bore its first impact on the export levels with climb of USD 1 per tonne.
Even though buying was relatively quiet considering that the approaching Chinese New Year (23rd January) should propel stocking.
Indian iron ore fines Fe 63.5/63% being offered at USD 146 per tonne a climb of USD 1 per tonne.
Offers from the Pilbara where much competitive.
General sentiment for finished steel and the production remaining lull even after the Chinese holiday the current hike seems more of sentimental thrust after the hike in export duty rather than actual spurt in buying.
Iron ore fines
FOB India
| Grade | Change |
| Fe 63.5/63% | 1% |
| Fe 63.5/62.5% | 1% |
| Fe 63/62% | 0% |
| Fe 62/61% | 1% |
| Fe 61/60% | 0% |
| Fe 60/59 % | 0% |
| Fe 59/58 % | 1% |
| Fe 58/57% | 1% |
| Fe 57/56 % | 1% |
| Fe 56/55% | 1% |
| Fe 55/54 % | 1% |
| Fe 54/ 53 % | 3% |
| Fe 53/52 % | 1% |
| Fe 52/51 % | 3% |
| Fe 51/50% | 4% |
Change is on Jan 13th as compared to 6th Jan 2012
With the impending gradual shift form benchmark pricing based long term contracts to spot cargos, it has become more vital for both sellers as well as buyers to precisely monitor the daily movements of iron ore spot prices to keep tab on trends and spot opportunities.
This has galvanized us to start reporting domestic prices of iron ore at Barbil & Bellary and export prices on FOB Indian port.
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