The spot iron ore market remained buoyant last week with a climb of 3% to 12% for different grades.
As a result, Indian iron ore sellers are beaming with confidence, whereas buyers are trying to outbid to secure quality material.
However the composition of the buyers is skewed in favor of traders rather than mills. The reason being mills are cautious about restocking in this fledgling market which is tottering back to normalcy after a gap of nearly 2 months. Since there is an underlining apprehension about the sustainability of revival the mills have opted for caution for the time being rather than go on a buying spree. Moreover most of the mills are adequately stocked at least for the next 1 month.
However this has not deterred the traders from making forays in the market with avid interests in concluding deals before the going get hot. As a result future quotations of iron ore market continues to improve with limited transactions. The purchase price of Fe 63.5/63% is USD 185 per tonne to USD 187 per tonne CNF China with odd quotations going up to USD 190 per tonne to USD 192 as well.
Iron ore fines
FOB India
| Grade | Change |
| Fe 63.5/63% | 3% |
| Fe 63.5/62.5% | 3% |
| Fe 63/62% | 3% |
| Fe 62/61% | 3% |
| Fe 61/60% | 4% |
| Fe 60/59 % | 4% |
| Fe 59/58 % | 4% |
| Fe 58/57% | 4% |
| Fe 57/56 % | 5% |
| Fe 56/55% | 6% |
| Fe 55/54 % | 8% |
| Fe 54/ 53 % | 9% |
| Fe 53/52 % | 10% |
| Fe 52/51 % | 12% |
Change is on April 8th as compared to 1st April 2011
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.
Domestic iron ore spot pricing information updated 5 days a week whereas export spot prices FOB Indian port as and when they change
To know exact levels, likely scenario, domestic iron ore spot prices at Bellary and Barbil and FOB 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.
Subscription charges for 12 months access
| Currency | Single | 2-5 | 6-12 | 13-25 | 26-40 | 40-60 |
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(Sourced from www.steelprices-india.com)
