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| Monday Market Monitor - Iron Ore - WEEK 11 - Miners on cloud 9 - 22 Mar, 2010 | ||||||||||||||||||||||||||||||||
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As predicted vide our article "Are Indian iron ore spot prices inching to USD 150 mark in China" on March 16th 2010, some deals for benchmark grade 63.5%/63% iron ore of Indian origin are reported to have been done at USD 150 per tonne CFR China basis last week. Tight supply conditions, mainly due to problems in mining and movement in Eastern India, coupled with railway freight hike of INR 300 per tonne this week pushed up FOB levels further by 6% to 13% during last week. But, the main factor pushing CFR China prices is the surge in sea freight, which is reported to have climbed to about USD 36 per DMT or say USD 38 per WMT considering 6% moisture levels. Although the direction of spot market of iron ore is uncertain, some market players believe that this round of surge is likely to push the prices up to USD 160 per tonne levels CFR China, before cooling down While, Indian iron ore miners stand to make killing at these levels, Chinese steel mills are facing doom. But this clearly reflects that Chinese mills, which are churning ore than 50 million tonnes of crude steel every month, are in a helpless situation and really have no choice and even in benchmark settlement, if any, we could be seeing doubling of prices. Last week trend Indian iron ore fines FOB India
Change is on March 19th 2010 as compared to March 12th 2010 Prices of iron ore lumps remained unchanged in the Indian market but prices of iron ore fines of 63% at Bellary surged by almost 15%. 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 admin@steelprices-india.com along with your full contact details. Please note that this is a paid service with subscription charges of USD 600 or INR 30,000 plus ST for 12 months. 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. (Sourced from www.steelprices-india.com) | ||||||||||||||||||||||||||||||||
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