Indian Low-Grade Iron Ore Fines Export Prices Up Following Global Hike

Indian low-grade iron ore fines export prices increased by USD 2-3/MT this week. SteelMint's assessment for fines (Fe 58/57%) this week is at around USD 60-61/MT, CFR China, against last week at around USD 57-58/MT, CFR China.

Few deals from Odisha based traders and miners were also 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 60/MT, CFR China this week.

In another deal concluded this week, an Odisha based miner booked 55,000 MT high-grade fines (Fe 64/63%) for exports at around USD 93/MT CFR China for June shipment.

Spot iron ore fines (Fe 62%) price increased sharply yesterday (i.e 15th May'20) to USD 93.25/MT, CFR China against USD 87.85/MT towards the beginning of the week (11th May'20).

Supply concerns from Brazil and lower Chinese port stocks resulted in a price hike. As per data compiled by SteelHome consultancy, iron ore inventory at major Chinese ports dropped to 111. 95 MnT as against 112.95 MnT assessed a week ago.