India: Low-Grade Iron Ore Fines Export Price Continue Uptrend Following Global Price Rally
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Indian low-grade iron ore fines export prices increased further by USD 3-4/MT this week following the price surge in the global market. SteelMint's assessment for fines (Fe 58/57%) this week is at around USD 62-64/MT, CFR China, against last week's assessment of around USD 60-61/MT, CFR China.
Few deals from Odisha based traders and miners were also concluded this week. As per the sources, one of the major traders from Odisha concluded two vessels of low-grade fines (Fe 58/57) at around USD 64/MT, CFR China this week.
In another deal concluded this week, an Odisha based miner booked one vessel for low-grade fines (Fe 64/63%) for exports at around USD 63.5/MT CFR China this week.
The prices have picked up amid strong demand following supply concerns of iron ore from Brazil. Spot iron ore fines (Fe 62%) price increased sharply around USD 4/MT to USD 96.85/MT, CFR China at the end of this week (i.e 22nd May 2020) against the price of USD 93/MT CFR China towards the end of last week (15th May'20).
Iron ore stocks at Chinese ports decline - Iron ore inventory at major Chinese ports dropped to 110 MnT this week as against 111.95 MnT assessed a week ago as per data compiled by SteelHome consultancy.
China plans to simplify customs inspection - China's customs authorities issued a notice over the new inspection rules, to take effect from 01 Jun'20 which will oblige customs officials to inspect iron ore at the request of the trader or importer.
If the consignee or agent of imported iron ore needs the customs to issue the quality certificate of imported iron ore, it shall apply to the customs, and the customs shall carry out on-site sampling, laboratory testing and issue the quality certificate once the imported iron ore passes the on-site inspection and quarantine. If they do not need the customs to issue the quality certificate, the customs shall directly release the imported iron ore after passing the on-site inspection and quarantine.
Sources reported to SteelMint that this will shorten the transaction time.
