Hitherto indefatigable and resilient ore market got battering with the cyclonic turbulence in global stock market post downgrading of US. Chinese buyers went in huddle trying to wither the storm buying plummeted significantly last week leading to correction.
Severely scuttled supplies from India and monsoon prevented collapse as witnessed in other commodities.
Skeletal transactions were reported at USD 186 per tonne.
Chinese steel sector has been cooling its heels with a drop in July production by 1% MoM to 59.3 million tonnes from 59.9 million tonnes in June. Production decline is seen as an offshoot of power shortage during the summer and rationalization of capacities.
Iron ore market is expected to mirror the sullenness in the coming days with ambiguity in the steel market.
However the dip is expected to be short lived as the demand of steel from the housing and auto sector picks up leading to increased production and demand. The overall tight supply combined with robust global iron ore demands will keep the prices high with occasional corrections.
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 % | -1% |
| Fe 58/57% | -1% |
| Fe 57/56 % | -1% |
| Fe 56/55% | -1% |
| Fe 55/54 % | -1% |
| Fe 54/ 53 % | -1% |
| Fe 53/52 % | -1% |
| Fe 52/51 % | -1% |
Change is on Aug 12th as compared to 5th Aug 2011
With the 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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