Indian Low Grade Iron Ore Fines Price Inch Up Amid Rising Chinese Demand

SteelMint in conversation with market participants learned low-grade fines (Fe 57/58) export price picked up to around USD 55-57/MT as against last week's assessment at around USD 54-57/MT. The market is supported amid rise in Chinese demand and falling iron ore inventory at major Chinese ports & restocking ahead winters.

As per data compiled by SteelHome consultancy, Iron ore inventory at major Chinese ports dropped to 129. 5 MnT this week as against 130.35 MnT assessed towards the end of last week.

There were some indications heard of low grade fines export deal getting concluded at USD 58/MT, CFR China this week.

Chinese spot iron ore prices up 4% W-o-W
Chinese spot iron ore prices assessed at USD 87.80/MT, CFR China yesterday (22nd Nov) as against USD 84.75/MT, CFR China towards last weekend.