Indian iron ore fines spot prices wilted last week for the first time in the last one month reflecting the circumspection in the market.
The finished steel market in China has cracked in last 4 week. It has brought to fore the inherent weakness in demand. Steel market ran on a weak track this week and eyed muted steel demands. Steel mills bore big liquidity pressure.
In fact crude steel production in August plummeted by 13.8 % at 58.75 million tonnes from 59.3 million tonnes in July. The daily output at 1.895mln tonnes in August hit the lowest record again in 2011.
It is reported that after the levels having hit the cord with levels surpassing USD 190 per tonne for Fe 63.5%/63% material have started sulking with buyers withdrawing from the market. The offer levels have dipped below the USD 190 per tonne market clearly indicative of corrective mode.
Although the iron ore stock at Chinese ports fell marginally by 0.18 million tonnes to 95.51 million tonnes from 95.69 million tonnes WoW the sentiment remained sullen with slow buying as buyers chose to sit on the side lines.
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 % | -2% |
| Fe 56/55% | -2% |
| Fe 55/54 % | -2% |
| Fe 54/ 53 % | -2% |
| Fe 53/52 % | -2% |
| Fe 52/51 % | -2% |
Change is on Sep 16th as compared to 9th Sep 2011
With the impending gradual 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.
This has galvanized us to start reporting domestic prices of iron ore at Barbil & Bellary and export prices on FOB Indian port.
Domestic iron ore spot pricing information updated 5 days a week whereas export spot prices FOB Indian port as and when they change
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(Sourced from www.steelprices-india.com)
