Indian Trader Concludes Low Grade Iron Ore Fines Export Deal to China

SteelMint in conversation with market participants learned that one of the major traders in Odisha has concluded low-grade iron ore fines (Fe 58/57%) 2 vessel of 55,000 MT each to China last week at around USD 58-59/MT CFR China.

Indications from the market for low-grade fines export price inched up to around USD 58-59/MT, CFR China as against last assessment at USD 55-57/MT, CFR China.

Indian iron ore export volumes for Aug'19 recorded at 2.20 MnT, up 3% as against 2.13 MnT in July'19. On yearly basis, exports increased significantly compared to nil in Aug'18.
Indian iron ore exports volume in FY20 (Apr-Aug'19) witnessed at 9.54 MnT as against 2.46 MnT in FY19 (Apr-Aug).

Also, the average global iron ore fines (Fe 62%) index witnessed 58% rise Y-o-Y to USD 104/MT, CFR China for FY20 (Apr-Aug) as against USD 66/MT, CFR China assessed in FY19 (Apr-Aug).

Spot iron ore prices increased marginally-: Chinese spot iron ore prices (Fe 62% fines) increased yesterday (i.e 27th Sep'19) at USD 91.5/MT, CFR China. The prices were up as against USD 91/MT, CFR China a month ago.

As per data compiled by SteelHome consultancy, Iron ore inventory at major Chinese ports increased to 125.55 MnT as compared to 124.1 MnT a week ago.