The decline in Indian iron ore prices continued last week.
Export - East Coast of India
| Grade | Change | % |
| Fe 63.5/63% | -3 | -6% |
| Fe 63.5/62.5% | -2 | -4% |
| Fe 63/62 % | -2 | -4% |
| Fe 62 / 61% | -1 | -2% |
| Fe 61 / 60 % | -3 | -7% |
| Fe 60/59 % | -3 | -7% |
| Fe 59 / 58 % | -2 | -5% |
| Fe 58 / 57% | -1 | -3% |
Change is on April 3rd 2009 as compared to March 27th 2009
In USD per tonne
Delivery FOB East coast of India
Te three major factors resulting in this continued slide are
1. Weakening of Chinese domestic steel prices thus reducing demand of iron ore
(Ref: STT Monday Market Monitor - China (WEEK 14) - Rapid Slide dated April 6th 2009)
2. Iron ore stockpiles at China's 22 major ports stood at 68.09 million tonnes recently up by 0.96% from March 27th while Indian iron ore stockpiles rose by 1.48% to 17.12 million tonnes.
3. Chinese mills are in negotiation with global miners on iron ore contract pricing. Low spot prices put them in drivers’ seat during negotiations.
The export prices are likely to decline further in the coming weeks and where the buck is going to stop is anybody’s guess.
On the other hand, prices of Indian domestic iron ore exhibited recovery last week, except for fines which declined by 8%
| Product | Grade | Size | Change | % |
| Iron Ore Calibrate | Fe 65% | 10-40 | 0 | 0% |
| Iron Ore Calibrate | Fe 64% | 10-40 | 0 | 0% |
| Iron Ore Calibrate | Fe 62% | 10-40 | 100 | 6% |
| Iron Ore Calibrate | Fe 60% | 5-20 | 100 | 6% |
| Iron Ore Calibrate | Fe 62% | 5-20 | 100 | 5% |
| Iron ore - Fines | Fe 63% | Fines | -100 | -8% |
Change is on April 3rd 2009 as compared to March 27th 2009
In INR per tonne
Delivery Ex Mine
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(Sourced from www.steelprices-india.com)
