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Indian low-grade fines export index up by $6 w-o-w in recent deals

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Fines/Lumps

BigMint Bureau

1125 Reads

25 Feb 2021, 18:56 IST

Indian low-grade fines export index up by $6 w-o-w in recent deals

SteelMint's weekly low-grade Indian iron ore fines (Fe 57%) export index is currently assessed at $98/t FoB east coast India, up by $6 w-o-w. Confirmed export trades of around 150,000 t Indian low-grade fines (Fe 57%) were recorded by SteelMint. The deals were concluded by eastern India based players in the last one week and were concluded for China. Vessel freight rate from east coast of India to China for a Supramax vessel has increased to $21-22/t today which was $20 a week back, on the back of less availability of empty vessels.

Price indicators- Three confirmed trades were reported and all of them were considered for price calculations and given a weightage of 50%.

SteelMint has received ten (10) indicative prices and offers during the publishing window, and eight (8) were considered for price calculation as T2 inputs, with an average price of $98/t FoB India.

Rationale: The index has been calculated using an average of T1 and T2 price inputs. Transactions confirmed by either a buyer/seller are designated as T1 input while bids, offers, and indicative prices are designated as T2 inputs. Both T1 and T2 categories of inputs carry 50% weightage each in price calculation for FOB price assessment.

Market highlights -

Spot iron ore fines price stable w-o-w- Spot iron ore fines Fe 62% price stood majorly stable w-o-w. The prices witnessed at $172. 5/t yesterday as against $ 172.2/t last weekend. However, the prices dropped on d-o-d basis against 172.75/t, cfr china assessed on 23rd Feb.
Iron ore futures up marginally- Dalian iron ore futures contract of May'21 closed today at 1,131/t against RMB 1,129.5/t yesterday. On weekly basis, futures have remained largely stable.
Iron ore stocks at Chinese ports increase- Iron ore inventory at major Chinese ports has increased to 129 mn t this week as compared with 128.65 mn t, last week as per data maintained by SteelHome.
Domestic offers of low-grade iron ore rise - SteelMint's assessment for Indian low-grade iron ore fines (Fe 57%) has increased after active deals made by traders in this week from Odisha. Prices have increased to INR 3,700-3,800/t ($ 50-52/t, ex-mines, incl. Royalty, DMF and NMET) this week as against INR 3,400-3,500/t ($ 47-49/t, ex-mines, incl. Royalty, DMF and NMET) last week.