Iron ore prices kept sliding with impunity as the finished steel prices fell no holds bar. A whopping 14% reduction since in the last 5 weeks has numbed all the operators into silence. Current prices levels are the lowest in 2011 with no sign of let up.
Mills being compelled to idle blast furnaces has severely reduced the buying. Moreover a stockpile of 92.17 million tonnes at Chinese ports is not causing immediate concern to the mills.
Crestfallen market has put the 3 majors on the defensive with Vale announcing Q4 price reduction by USD 10 per tonne to USD 15 per tonne. The other 2 Australian majors are expected follow suit.
But as far the Indian cargos are concerned the range has become very wide (USD 136 to USD 148 FOB for 63.5/63) as the levels being thrown around are just numbers with no transactions taking place. It is understood that buyers have vanished and Indian miners are not bale to find them at any level.
Iron ore fines
FOB India
| Grade | Change |
| Fe 63.5/63% | -5% |
| Fe 63.5/62.5% | -5% |
| Fe 63/62% | -5% |
| Fe 62/61% | -5% |
| Fe 61/60% | -6% |
| Fe 60/59 % | -6% |
| Fe 59/58 % | -6% |
| Fe 58/57% | -6% |
| Fe 57/56 % | -7% |
| Fe 56/55% | -7% |
| Fe 55/54 % | -8% |
| Fe 54/ 53 % | -8% |
| Fe 53/52 % | -9% |
| Fe 52/51 % | -10% |
Change is on Oct 21st as compared to 14th Oct 2011
To know exact levels, likely scenario, domestic iron ore spot prices at Bellary and Barbil and FOB East Coast spot prices subscribe to “Iron Ore Services” of www.steelprices-india.com by registering or sending a mail to admin@steelprices-india.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.
How to subscribe
1. Register at www.steelprices-india.com and pay on line or ask for invoice
2. Send mail to admin@steelprices-india.com.
3. Call at 0091-124-3007891/2/3
(Sourced from www.steelprices-india.com)
