Indian Low Grade Iron Ore Fines Export Price Inch Up in Recent Deal

SteelMint in conversation with market participants learned low-grade fines (Fe 57/58) export price inched up to around USD 60/MT, as against last assessment at USD 58-59/MT, CFR China.

Though one of the major miner from Odisha recently concluded low-grade iron ore fines (Fe 58/57%) of 55,000 MT at around USD 61-62/MT, CFR China for Nov'19 shipment. As per the sources miner, decent quality fetches an extra premium in the recent deal.

Indian iron ore exports volume in FY20 (Apr-Sep'19) witnessed at 10.67 MnT as against 2.57 MnT in FY19 (Apr-Sep). China continued to be the largest importer of Indian iron ore for the month of Sep'19 at 1.01 MnT.

Spot iron ore prices traded at decent range-: Chinese spot iron ore fines prices (Fe 62% fines) yesterday (i.e 11th Oct'19) at USD 92.65/MT, CFR China. Chinese spot iron ore prices opened up this week after a weeklong national holiday at USD 93.90/MT, CFR China and closed with USD 92.65/MT, CFR China towards the weekend.

Monthly average global iron ore fines (Fe 62%) index price witnessed stable in Sep'19 to USD 92.5/MT, CFR China in line with the last month's average price assessment.