The iron ore prices broke a week long silence as the spot prices climbed by USD 2 per tonne last week.
It is learnt that market rallied fed on steel miners deliberately creating a scarcity psychosis in the market. The global miners are keeping a tight noose on the supply of iron ore in spot as well as the spot tenders in a bid to drive up the prices.
Currently Chinese ports are holding about 93 million tonnes which in view of the rampaging production by Chinese mills would not last more than a month. June reported an import of 51.09 million tonne about 2.21 million tonnes less than May on tight supply by miners which is expected to decline further in July.
With a distinct improvement in domestic levels of finished steel and constricted supply of iron the tempo is set for another round of price hike.
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% | 2% |
| Fe 60/59 % | 2% |
| Fe 59/58 % | 2% |
| Fe 58/57% | 3% |
| Fe 57/56 % | 3% |
| Fe 56/55% | 3% |
| Fe 55/54 % | 2% |
| Fe 54/ 53 % | 2% |
| Fe 53/52 % | 1% |
| Fe 52/51 % | 0% |
Change is on July 15th as compared to 8th July 2011
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(Sourced from www.steelprices-india.com)
