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| Indian iron ore prices continue to go down - 09 Mar, 2010 | ||||||||||||||||||||||||||||||||
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The Chinese iron ore buyers seem to have succeeded in curbing spot prices, which is evident from falling CFR China levels as well as reduced levels for FOB India. Prices of various grades of iron ore fines FOB Indian ports have dipped by 5% to 13% in last 8 days. The weakness is more pre dominant in lower grades. The slide is reported to be mainly due to the stance taken by Chinese buyers, which appears to have stemmed from their move to bring down spot prices. It is said that the surge in spot prices at crucial time, when annual benchmark talks are supposed to end, have put Chinese negotiators at back foot as miners are looking for settlement at levels close to prevailing spot prices. Thus it is reported that Chinese buyers are abstaining from the market, which is putting pressure on sellers, especially with positioned cargos. The high inventory led weakness in construction steel market in China is also depressing sentiments in iron ore market Iron Ore Fines FOB India
Change is on March 8th 2010 as compared to March beginning To know the exact levels, utilize a special “Iron Ore Pricing” package from www.steelprices-india.com With the impending gradual shift form benchmark pricing based long term contracts to spot cargos, it has become more vital for both sellers as well as buyers to precisely monitor the daily movements of iron ore spot prices to keep tab on trends and spot opportunities. 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. Pricing information is updated as and when the levels change In addition domestic prices at Bellary and Burbil are reported. 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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