Spot iron ore prices, which had been plummeting for the previous 3 weeks, lost further sheen last week.
The flicker appearing on the horizon has got a prophetic connotation reliant on the future sentiments rather than present dynamics. Presently the market is buyer centric withholding demand in a deluge of material with stocks touching 92 million tonnes.
However the market remains bearish with adequate supplies and scanty buying by Chinese mills. Even though actual transactions will take some time to fructify bids are expected to reappear this week.
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% | -2% |
| Fe 55/54 % | -2% |
| Fe 54/ 53 % | -2% |
| Fe 53/52 % | -3% |
| Fe 52/51 % | -3% |
Change is on June 3rd as compared to 27th May 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.
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