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Indian low-grade iron ore fines export prices hit 1-year high in recent deals

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Fines/Lumps

BigMint Bureau

1012 Reads

8 Aug 2020, 17:14 IST

Indian low-grade iron ore fines export prices hit 1-year high in recent deals

Indian low-grade iron ore fines export prices have increased to 1-year high this week. Traders and miners in Odisha remained quite active in concluding export deals to China. Rally in iron & steel futures and positive demand outlook supported Chinese imported Fe 62% fines price to cross $121/t CFR China on 06 Aug'20.

SteelMint's weekly assessment for Fe 58/57% Indian fines exports increased by $5-6/t to $79-81/t CFR China against the assessment of $75-76/t CFR China last week.

Deals reported this week -

An Odisha miner reported transactions of 55,000 t each for fines Fe 57% at $80-82/t CFR China. The deal was concluded two days back.
In another deal concluded by a global trading company, four parcels each for 55,000 t was booked at $81/t CFR China towards mid of the week.
Another deal for one parcel was reported at around $79/t CFR China, which was concluded early this week.
On weekly basis prices, spot iron ore fines price increased by $14/t against last week. However, towards the week close, spot iron ore fines price fell to $118.85/t CFR China, decreasing by $2.55 d-o-d.

Domestic prices continue uptrend on tight availability - Miners in Odisha are offering low-grade (Fe 57%) at INR 1,500-1,600/t (ex-mines, including Royalty, DMF & NMET), up by INR 200/t w-o-w.