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
FOB India
| Grade | Change |
| Fe 63.5/63% | 0% |
| Fe 63.5/62.5% | 0% |
| Fe 63/62% | 0% |
| Fe 62/61% | 0% |
| Fe 61/60% | 0% |
| Fe 60/59 % | 0% |
| Fe 59/58 % | 0% |
| Fe 58/57% | 0% |
| Fe 57/56 % | 0% |
| Fe 56/55% | 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
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