The FOB East Coast spot prices of Indian iron ore have plummeted further during last one week by another 2% to 8%.
The details are as under
Grade | Change | % |
Fe 63.5/63% | -2 | -4% |
Fe 63.5/62.5% | -1 | -2% |
Fe 63/62 % | -1 | -2% |
Fe 62 / 61% | -2 | -4% |
Fe 61 / 60 % | -3 | -7% |
Fe 60/59 % | -3 | -7% |
Fe 59 / 58 % | -3 | -8% |
Fe 58 / 57% | -2 | -6% |
Change is during March 31st 2009 and March 24th 2009
Change is in USD per tonne
Delivery FOB East coast of India
This reduction has brought down the spot prices of Indian iron ore down by 27% to 35% on March 31st 2009 for various grades as compare to prices prevailing on February 10th 2009
Grade | Change | % |
Fe 63.5/63% | -21 | -29% |
Fe 63.5/62.5% | -19 | -27% |
Fe 63/62 % | -18 | -27% |
Fe 62 / 61% | -20 | -31% |
Fe 61 / 60 % | -17 | -29% |
Fe 60/59 % | -17 | -30% |
Fe 59 / 58 % | -19 | -35% |
Fe 58 / 57% | -17 | -35% |
Change is during March 31st 2009 and February 10th 2009
Change is in USD per tonne
Delivery FOB East coast of India
The three major factors resulting in this slide are
1. Although the Steel prices have been relatively stable in the last week but the market is still sullen due lack of demand gravitating the prices.
2. The total Iron ore stocks available at major Chinese Ports is about 67 million tonne as on March 30th 2009 out of which 17 million tonne is of Indian origin.
3. Chinese mills are still in the midst of negotiation with global miners on iron ore contract pricing thereby the fluidity continues in the market
On the other hand spot prices of iron ore fines in the Indian domestic market have improved by 3% to 9% except for fines which has plummeted by 12% due to enhanced availability.