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| Iron ore spot price cruises amidst curtailed availability from India - 30 Jul, 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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Spot iron ore prices from India have surged by a whopping USD 10 per tonne in just over a week. The reasons for this turnaround can primarily be imputed to enhanced buying by Chinese mills and curtailed supply from India with the onset of monsoon and ban on exports from Karnataka. After the unexpected revival in Chinese domestic levels in the last 10 days hectic activity ignited both in the spot and swaps market. Current transactions levels for an average size cargo 75000 tonnes 63.5%/63% are reported at USD141 per tonne to USD 143 per tonne CFR China. But current offer levels are in the range of USD 143 per tonne to USD 145 per tonne as traders are holding on to the stocks expecting the prices to go up. On the flip side the hiccups in domestic levels in China over the last couple of days has put a spoke in the wagon wheel. Indian iron ore fines FOB India
Change is on July 29th 2010 as compared to July 19th 2010 The coming days will be crucial for iron ore spot as well as the swaps market. The sudden deceleration witnessed in steel price in China since 26th July has send jitters about the sustainability of this reprieve. The finished steel market is shuddering for stability despite fanciful analysis. It won’t be surprising if the iron ore prices take a dip towards the beginning of next week in view of caution by the traders. 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. This has galvanized us to start reporting domestic prices of iron ore at Barbil & Bellary and export prices on FOB Indian port. Domestic iron ore spot pricing information updated 5 days a week whereas export spot prices FOB Indian port as and when they change 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. 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. Subscription charges for 12 months access
How to subscribe 1. Register at www.steelprices-india.com and pay on line or ask for invoice 2. Send mail to admin@steelprices-india.com. 3. Call at 0091-124-3007891/2/3 (Sourced from www.steelprices-india.com) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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