Indian iron ore market was abuzz with news last week. While Indian Supreme Court passed a land mark order banning mining of iron ore in Bellary district on environmental issues, Karnataka’s outgoing Lokayukta Mr Santosh Hedge finally fired the last salvo by releasing the final report on illegal mining in the state naming hundreds of mining firms and officials’ culprit and even leading to resignation of chief minister.
As a result, the misery in iron ore mining in Karnataka has acquired a new dimension draining an important source for exports of iron ore to China.
The international iron ore prices have remained buoyant all though is likely to escalate after this supply sapping order. The price is currently hovering around USD 185 per tonne to USD 186 per tonne CNF Chinese port is all set to eclipse the USD 190 per tonne mark shortly.
Even though the news came late market already exhibited inflationary tendencies before close with speculation rife about a solid jump in ore offers this week.
Iron ore fines
|Fe 60/59 %||0%|
|Fe 59/58 %||0%|
|Fe 57/56 %||0%|
|Fe 55/54 %||0%|
|Fe 54/ 53 %||0%|
|Fe 53/52 %||0%|
|Fe 52/51 %||0%|
Change is on July 29th as compared to 22nd July 2011
To know exact levels, likely scenario, subscribe to “Iron Ore Services” of www.steelprices-india.com by registering or sending a mail to email@example.com along with your full contact details.
The accuracy and the speed of reporting changes is well appreciated by not only Indian miners, but by global iron ore majors as well as Chinese mills as many of them have subscribed to this service to maintain another but solid listening post as far as Indian spot market is concerned.
Subscription charges for 12 months access
How to subscribe
1. Register at www.steelprices-india.com and pay on line or ask for invoice
2. Send mail to firstname.lastname@example.org.
3. Call at 0091-124-3007891/2/3
(Sourced from www.steelprices-india.com)