With most of the Chinese mills gone in cell there has been scanty buying of Indian iron ore.
As the domestic steel prices fared poorly after the initial hype as the construction demand lagged. Most of the Chinese steel mills having replenished their stocks in February spiral they are not in hurry.
The recurrent hike in lending rates scuttling buying and the looming danger of severe power rationing on the anvil the production cuts are inevitable thereby reducing requirement for iron ore.
This has led to the decline in iron ore prices FOB India. Spot iron ore market has been the first casualty of a suddenly sinking Chinese domestic market. The recent slew of fatalistic happenings in the market has left an indelible mark on the raw material market.
However the tight supply situation from Indian as the monsoon approaches countering the downward pressure for the time being.
Iron ore fines
FOB India
| Grade | Change |
| Fe 63.5/63% | -2% |
| Fe 63.5/62.5% | -2% |
| Fe 63/62% | -2% |
| Fe 62/61% | -1% |
| Fe 61/60% | -1% |
| Fe 60/59 % | -1% |
| Fe 59/58 % | 0% |
| Fe 58/57% | -1% |
| Fe 57/56 % | -1% |
| Fe 56/55% | 0% |
| Fe 55/54 % | 0% |
| Fe 54/ 53 % | 0% |
| Fe 53/52 % | -1% |
| Fe 52/51 % | -3% |
Change is on May 20th as compared to 13th May 2011
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