Indian Low-Grade Iron Ore Fines Export Price to China Increase in Recent Deals

Indian low-grade iron ore fines export market moved up this week. SteelMint's assessment has increased this week by USD 3/MT to USD 57-59/MT, CFR China as against last week's assessment at USD 54-56/MT, CFR China. Price increased due to hike in global iron ore fines (Fe 62%) price which was recorded at USD 92/MT on 5th Mar 20. However towards weekend prices fell to USD 89.5/MT, CFR China.

According to sources report to SteelMint, one of the major Odisha miner concluded low-grade fines (Fe 58/57) deals at around USD 59/MT, CFR China during mid of this week.
Another deal reported was from an Odisha based trader who concluded 55,000 MT low-grade iron ore fines (Fe 58/57%) export deal at USD 59/MT, CFR China in the mid of this week.

Later, towards end of the week, iron ore fine (Fe 58/57%) export price indications came down to USD 56-58/MT CFR, China owing to fall in global iron ore spot offer on Friday (6th Mar 2020) by USD 2.5/MT. Following decline in price indications, market sentiments turned slightly dull and market participants are waiting for a clear market direction next week.

Spot iron ore prices increased W-o-W-: Chinese spot iron ore prices decreased by USD 8/MT this week to USD 89.5/MT, CFR China against USD 83.9/MT, CFR China a week before.