India Steel Market Watch
October 29: Spot iron ore offers slumped under pressure from expectations that Chinese steel mills will cut output further in the coming months, curbing demand.
"There is higher expectation that more mills will slash production due to heavy losses, which will reduce demand for iron ore and temporarily support steel prices," sources said.
But sluggish steel demand will cap gains in steel prices, they said.
Iron ore for delivery to China's Tianjin Port stood at $50 a ton.
Chinese steel mills are likely to be forced into making deeper cuts in output over the next few months, as shrinking demand, soaring losses and tighter credit undermine firms in the world's biggest producer.
More state-owned steel mills, including Hangzhou Iron & Steel and Maanshan Iron & Steel, are planning to shut down some capacity by year-end.
Grade % Fe |
Origin |
Product |
load port |
destination |
Oct 29, 2015: cfr ($/ton) |
Oct 28, 2015: cfr ($/ton) |
Oct 27, 2015: cfr ($/ton) |
63.5/63 |
India |
Fines |
Vizag |
Qingdao |
50 |
51 |
51 |
62 |
India |
Fines |
FOB Vizag |
|
18 |
19 |
19 |
62 |
Australia |
PB |
Dampier |
Tianjin |
50 |
51 |
51 |
63.5 |
Brazil |
Fines |
Brazil |
China |
52 |
53 |
53 |
Source: Traders
Fines e-auctions fetch Rs 1,150/ton, lumps Rs 600/t
India Steel Market Watch
October 15: Auction of iron ore fines of Fe 62% from Karnataka fetched a price of Rs 1,150 per ton (basic), according to information available with ISMW.
The fines were procured by JSW Steel, sources said.
Fe 60% lumps in the Goa e-auction fetched Rs 600 per ton.