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India: SteelMint's low-grade iron ore fines export index inches lower by $3/t w-o-w

SteelMint’s weekly India low-grade iron ore fines (Fe 57%) export index decreased by $3/t w-o-w to $65/tonne (t) FOB east coast, as assessed on 22 June, 2023. A...

Fines/Lumps

BigMint Bureau

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22 Jun 2023, 19:28 IST

India: SteelMint's low-grade iron ore fines export index inches lower by $3/t w-o-w

SteelMint's weekly India low-grade iron ore fines (Fe 57%) export index decreased by $3/t w-o-w to $65/tonne (t) FOB east coast, as assessed on 22 June, 2023.

A trader from Odisha concluded a deal of 55,000 t of iron ore fines (Fe 57%) at $68/t FOB towards the beginning of this week.

The activity in the seaborne iron ore market was lacklustre as Chinese buyers are inactive due to the Dragon Boat Festival holidays. The Chinese market will reopen next week.

India's iron ore exports shipments rise w-o-w

India's iron ore export shipments were recorded at 656,445 t in the third week of June in comparison with 453,216 t in the second week of June, as per vessel line-up data maintained with SteelMint.

Price indicators

One deal was reported this week under T1 trade but not taken into calculation, and thus given 0% weightage. For methodology Click here.
SteelMint received fourteen (14) indicative prices, bids, and offers in the current publishing window and nine (9) were considered for price calculation as T2 inputs and given 100% weightage.

Market highlights-

Global iron ore prices decrease: The benchmark Fe62% fines index decreased by $1.9/t to $112.4/t CFR China on 21 June as compared to the previous week. Participants remained on the side lines amid a lack of clarity in the market ahead of the Chinese holidays. Meanwhile, heat waves in north China and heavy rains in eastern and southern regions also impacted construction activity which may have an immediate impact on China's steel and iron ore demand. Portside restocking activities were completed because it was the last working week before the Dragon Boat holidays.
DCE iron ore futures dip w-o-w: Iron ore futures on the Dalian Commodity Exchange (DCE) for September 2023 contract decreased by RMB 7/t ($1/t) w-o-w to RMB 797.5/t ($111/t) on 21 June (at 3 pm). Prices decreased RMB 9/t ($1/t) d-o-d compared to RMB 804.5/t ($112/t) on 20 June.
China port inventory edges down: Iron ore inventory at major Chinese ports inched down by 0.5 mnt to 125.7 mnt on 15 June compared to 126.2 mnt last week, according to SteelHome data.