Despite expectations of price improvement after the hike of export duty from 5% to 20%, market turned out to be damp squib with prices plummeting by another 2% to 6% last week.
There was general uncertainty in the market with sellers circumspect in the aftermath of double shock of market slide and rise in duty. There was barely any transaction which was reflected in the drop in deal prices.
Steel market continued sliding for over a week with no pick up in demand in China. It is learnt that most mills are still holding stockpiles of iron ore and buying interest is not strong. In the prevailing uncertainty wait and see sentiments dominated the market.
In other words most of the players are in wait and watch mode.
It is expected that with the depletion of stock as the mills have not been buying for the last couple of weeks buying might pick up after a fortnight. The steel prices are also expected to rally after a fortnight with the unfolding of long awaited seasonal demand.
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% | -3% |
| Fe 61/60% | -3% |
| Fe 60/59 % | -3% |
| Fe 59/58 % | -4% |
| Fe 58/57% | -3% |
| Fe 57/56 % | -3% |
| Fe 56/55% | -4% |
| Fe 55/54 % | -4% |
| Fe 54/ 53 % | -4% |
| Fe 53/52 % | -5% |
| Fe 52/51 % | -6% |
Change is on Mar 4th as compared to 25th Feb 2011
Iron ore
EX Mine Bellary
| Iron ore - Fines | Fe 63% | Fines | 0% |
Change is on Mar 4th as compared to 25th Feb 2011
Iron ore
EX Mine Barbil
| Iron ore - Fines | Fe 63% | Fines | 0% |
Change is on Mar 4th as compared to 25th Feb 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
To know exact levels, likely scenario, domestic iron ore spot prices at Bellary and Barbil and FOB 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.
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