India: Low-Grade Iron Ore Fines Export Price Up Following Global Hike

According to the market sources report SteelMint that following hike in global iron ore fines price. SteelMint's assessment for Indian low-grade iron ore fines (Fe 57%) export prices have also increased.

Indications from the market for low-grade fines export price up at around USD 58-60/MT, CFR China against USD 55/MT, CFR China last assessment. However, market participants are awaiting firm deals to be reported to China for confirmation on price levels.

Spot iron ore prices increased sharply-: Chinese spot iron ore prices (Fe 62% fines) increased yesterday (i.e 13th Sep'19) at USD 99.1/MT, CFR China. The prices were up as against USD 88/MT, CFR China a week ago. Spot Index increased by USD 11/MT on weekly basis. Prices moved up amid restocking ahead National day holiday in China at the start of October.

Iron ore inventory at China port down by 1.8 MnT on weekly basis-: As per data compiled by SteelHome consultancy, Iron ore inventory at major Chinese ports decreased by 1.8 MnT to 124.9 MnT this week as compared to 126.7 MnT a week ago.