Indian Low Grade Iron Ore Fines Trade Slow; Offers Inch Down

SteelMint in conversation with market participants learned that bids for Indian low-grade fines from China have come down this week following the decline in global iron ore price. Low-grade fines (Fe 57/58) assessment of SteelMint moved down to around USD 53-55/MT CFR China, as against the last assessment at USD 55-57/MT, CFR China.

"I heard few offers around USD 55/MT, CFR China for Indian fines of Fe 57% grade, but didn't hear any deals getting concluded", shared a trade source.

As per the market participants, Indian miners and exporters are getting lower bids from China at around USD 52-53/MT, CFR China levels and owing to the disparity in bids & offers, trade activities remained slow.

Iron ore inventories at Chinese port fall -: As per data compiled by SteelHome consultancy, Iron ore inventory at major Chinese ports stood at 131.65 MnT on 30 Oct'19, down 2.45 MnT against the previous week.

Spot iron ore prices fall-: Chinese spot iron ore fines prices (Fe 62% fines) yesterday (i.e 01 Nov'19) was at USD 85/MT, CFR China as against USD 88/MT, CFR China towards last weekend.