The Chinese domestic steel prices have shown an uncanny rally in week 44. A tight supply of high grade ore supported by renewed demand from mills before hibernating for winter seemed to keep the chips afloat.
Prices remain pretty firm on higher grade iron ore with prices for 63.5% still valued at around USD157 per tonne to USD 160 per tonne CFR levels mainly due to
1. Shortage of higher grade iron ore
2. Rally in domestic steel prices by nearly 2% last week fanned by renewed vigor to curtail production
3. Indian steel minister relentless cry for ban or increase export duty.
4. Pick up in buying before the winter holidays by mills.
Indian iron ore
Iron ore fines
FOB India
| Grade | Change |
| Fe 63.5/63% | 2% |
| Fe 63.5/62.5% | 2% |
| Fe 63/62% | 2% |
| Fe 62/61% | 2% |
| Fe 61/60% | 2% |
| Fe 60/59 % | 2% |
| Fe 59/58 % | 2% |
| Fe 58/57% | 2% |
| Fe 57/56 % | 2% |
| Fe 56/55% | 3% |
| Fe 55/54 % | 3% |
| Fe 54/ 53 % | 3% |
Change is on Nov 5th 2010 as compared to Oct 29th 2010
However these price levels seem to unsustainable as the steel prices are likely to yield very soon as the steel inventory levels are very high. At the same time with the winter on the anvil buying activity is likely to slow down.
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