Demand for Indian Low-Grade Fines Pick Up in China on Falling Steel Margins

Demand for low-grade ore has observed an uptick this week as Chinese mills have again started giving preference to low-grade ore over the high grade. Indian low-grade iron ore fines export market offer inched up this week. SteelMint's assessment for this week for fines Fe 57% increased slightly to USD 55-57/MT, CFR China as against last week's assessment at USD 55-56/MT, CFR China.

As per the credible sources report to SteelMint, low-grade iron ore demand is good from China owing to lower steel margins. Firm bids were reported from China. However, no deal was heard to be concluded due to the logistics issues for movement via road owing to limited manpower availability.

Iron ore stocks at Chinese ports increase- As per data compiled by SteelHome consultancy, Iron ore inventory at major Chinese ports increased to 119.05 MnT as against at 118.65 MnT assessed a week ago. The stocks have shown an increase after early Feb'20.

Spot iron ore prices stable W-o-W-: Chinese spot iron ore prices stands at USD 84/MT CFR China as on 9th April, stable against last week's close.