The spot iron ore prices rebounded after over month long correction.
The rally was round the corner after the indices had shown sudden bump in previous weekend and we had forecast the same in MMM for Week 22 on June 6th 2011 that “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.”
The restocking was expected to commence as the mills were yearning to buy at low prices at the same time the stock had also depleted due negligible buying over past 1 month.
It is reported that the physical market reported tender of Fe 63.5/63% at USD 181 plus, crossing the psychological level of 180 per tonne after a long gap
However all the fervor was soaked in circumspection on account of the following factors
1. Reduction in production of steel as summer approaches
2. Sever power shortage culminating in rationing will scuttle buying within couple of week time.
2. Any hike in interest rate by the banks will further dampen the market sentiments
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% | 0% |
| Fe 60/59 % | 0% |
| Fe 59/58 % | 0% |
| Fe 58/57% | 0% |
| Fe 57/56 % | 0% |
| Fe 56/55% | 1% |
| Fe 55/54 % | 1% |
| Fe 54/ 53 % | 1% |
| Fe 53/52 % | 1% |
| Fe 52/51 % | 3% |
Change is on June 10th as compared to 3rd June 2011
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