Indian Low-Grade Iron Ore Fines Export Prices Remain Firm
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Indian low-grade iron ore fines export prices continue to remain unchanged this week. SteelMint's assessment for fines (Fe 58/57%) this week is at around USD 57-58/MT, CFR China, same against last week. Chinese demand for low-grade fines was learned to be decent this week too.
Few deals from Odisha based traders and miners were concluded this week. As per the sources, one of the major traders from Odisha concluded a vessel of low-grade fines (Fe 58/57) at around USD 57-58/MT, CFR China this week.
In another deal concluded this week, an Odisha based miner booked a low-grade fines (low Al) export vessel at around USD 59/MT CFR, China for May shipment.
Odisha based trade participants highlighted an increase in freight rates via road to Paradip and few other eastern India based ports due to congestion.
Spot iron ore prices increased USD 4/MT W-o-W-: Chinese spot iron ore prices stand at USD 88/MT CFR China as on 08 May'20 against last assessment USD 84/MT CFR China. Few market sources shared that prices gained momentum since Brazilian suppliers expected that exports will be affected amid lockdowns in the South American country.
However few trade sources remain uncertain on further price hike in the upcoming week.
As per data compiled by SteelHome consultancy, iron ore inventory at major Chinese ports dropped to 112. 95 MnT as against 115.65 MnT assessed a week ago.
