Indian Low Grade Iron Ore Fines Export Price Inch Down; Trades Slowdown Amid Holidays

Indian low grade fines export price assessment has moved down this week in absence of active trades to China amid holidays. Indian low grade iron ore offers have dropped slightly this week to USD 58-59/MT, CFR China as against USD 59-61/MT, CFR China assessed last week. The offers have witnessed downtrend amid Chinese new year holidays which began yesterday (24th Jan).

The China corona virus breakout has adversely affected the Chinese procurement of material and is expected to delay the spring restart of construction projects which may pull down the prices further, shared sources.

Few Chinese domestic producers were heard to have stopped production towards the beginning of the week amid approaching Lunar New Year holidays. Besides, the strict environmental controls affected the imports.

Spot iron ore prices fell towards week end:
Chinese spot iron ore prices opened up this week at USD 95.85/MT, CFR China and dropped to USD 92.05/MT, CFR China towards weekend.