It is reported that spot prices of Indian iron ore fines for exports have started to firm up after being subdued for 7-10 days.
Iron Ore Fines
Grade 5-Jan 12-Jan Increase
Fe 63.5/62.5% 63 67 6.3%
Fe 61 / 60 % 54 56 3.7%
Fe 59 / 58 % 47 50 6.4%
Fe 58 / 57% 41 44 7.3%
Rate in USD per DMT
Delivery FOB East Coast of India
It is reported that some miners are now looking at levels of over USD70 for Fe 63.5/62.5 grade. On the other hand deals have also been reported at USD 64 - 65 per tonne.
This spurt is giving confidence to Indian miners and the mood is bullish with their asking of increase after every deal. This, if sustained, is likely to push up spot prices of Indian iron ore for deals before Chinese holiday.
Sources: Steel Guru, Steel Prices India
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