Spot iron ore offers to China remained volatile, tracking the volatile movement of Shanghai steel prices, industry sources said.
In the last few sessions, steel prices gained sharply as producers looked to the brisk seasonal demand in China from this month.
Iron ore for immediate delivery to China's Tianjin Port stood at $51 a ton.
Optimism towards steel prices and rising profitability at mills supported further gains in iron ore even as only few spot cargoes changed hands, said sources.
Market sources say they don't believe that this rally can be sustained, due to the weakness in market fundamentals.
Analysts attributed the price gains to short-term supply disruptions.
Following are international spot iron ore offers:
|
2 |
3000 |
|
3 |
2900 |
|
4 |
2900 |
Mar-16 |
1 |
2900 |
Source: Traders
Spot iron ore apes Shanghai trend, stays volatile
India Steel Market Watch
March 3: Spot iron ore offers to China remained volatile, tracking the volatile movement of Shanghai steel prices, industry sources said.
In the last few sessions, steel prices gained sharply as producers looked to the brisk seasonal demand in China from this month.
Iron ore for immediate delivery to China's Tianjin Port stood at $51 a ton.
Optimism towards steel prices and rising profitability at mills supported further gains in iron ore even as only few spot cargoes changed hands, said sources.
Market sources say they don't believe that this rally can be sustained, due to the weakness in market fundamentals.
Analysts attributed the price gains to short-term supply disruptions.
Following are international spot iron ore offers:
Grade % Fe |
Origin |
Product |
load port |
destination |
Mar 3, 2016: cfr ($/ton) |
Mar 2, 2016: cfr ($/ton) |
Mar 1, 2016: cfr ($/ton) |
Feb 29, 2016: cfr ($/ton) |
63.5/63 |
India |
Fines |
Vizag |
Qingdao |
51 |
49 |
49 |
50 |
62 |
India |
Fines |
FOB Vizag |
|
21 |
19 |
19 |
20 |
62 |
Australia |
PB |
Dampier |
Tianjin |
51 |
49 |
49 |
50 |
63.5 |
Brazil |
Fines |
Brazil |
China |
53 |
51 |
51 |
52 |
Source: Traders