|Indian iron ore export prices retreating - 30 Apr, 2010|
The spot prices of Indian iron fines, which have already retreated, after narrowly missing USD 200 mark during the week, may see further weakening in coming week as China Iron & Steel Association officially allowed steel mills to secure their requirements by bending to the quarterly pricing policy of Big 3.|
In addition, with the announcement of export tax hike only for lumps to 15% has ended the uncertainties prevailing in the market of iron ore fines.
As per market reports Indian offers for 63/62 cargos have dropped to USD 180 per tonne to USD 182 per tonne CFR China.
Iron ore prices started to rally on March 12th 2010 and surged by 23% to 55% during this period for different grades thus reaching levels last seen in 2008. But worries over a likely tightening in the property market in China and reduced speculation by curbs on lower grade iron ore imports turned the market cautions and sent steel mills to drawing from their inventories.
With the impending gradual shift form benchmark pricing based long term contracts to spot cargos, it has become more vital for both sellers as well as buyers to precisely monitor the daily movements of iron ore spot prices to keep tab on trends and spot opportunities.
This has galvanized us to start reporting domestic prices of iron ore at Barbil & Bellary and export prices on FOB Indian port.
The details of grades and location are as under
1. Export prices on FOB Indian port
2. Domestic spot prices at Burbil in Orissa
3. Domestic spot prices at Bellary in Karnataka
Domestic iron ore spot pricing information updated 5 days a week whereas export spot prices FOB Indian port as and when they change
To know exact levels, likely scenario, domestic iron ore spot prices at Bellary and Barbil and FOB East Coast spot prices subscribe to "Iron Ore Services” of www.steelprices-india.com by registering or sending a mail to firstname.lastname@example.org along with your full contact details.
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The accuracy and the speed of reporting changes is well appreciated by not only Indian miners, but by global iron ore majors as well as Chinese mills as many of them have subscribed to this service to maintain another but solid listening post as far as Indian spot market is concerned.
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(Sourced from www.steelprices-india.com)
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