Iron ore market opened on a firm note after the holidays last week. In spot market, transaction volumes also increased as some steel mills replenish iron ore stocks after the May Day holidays, stimulating the market.
In line with a strong finished steel market the sentiment was buoyant. The introduction of mega size China max ships of 400,000 tonnes capacity increased the demand at the cost of volumes from Brazil.
It is reported that there has been increased inquiries from Chinese buyers culminating in transactions. The Indian iron ore Fe 63.5/63% touched USD 190 per tonne CNF China.
The only pitfall being with electricity shortage on the anvil some of the mills would go for production pruning resulting in diminished consumption of iron ore correcting the market in the short term.
Iron ore fines
FOB India
| Grade | Change |
| Fe 63.5/63% | 1% |
| Fe 63.5/62.5% | 1% |
| Fe 63/62% | 1% |
| Fe 62/61% | 1% |
| Fe 61/60% | 1% |
| Fe 60/59 % | 1% |
| Fe 59/58 % | 2% |
| Fe 58/57% | 2% |
| Fe 57/56 % | 2% |
| Fe 56/55% | 1% |
| Fe 55/54 % | 1% |
| Fe 54/ 53 % | 1% |
| Fe 53/52 % | 1% |
| Fe 52/51 % | 1% |
Change is on May 6th as compared to 29th April 2011
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