A fusillade of concurrent events keeps the fire in iron ore market unabated. The already outstretched supply has been scuttled by the Orissa government’s ban on 23 miners. The cargo movement is restricted from Orissa owing to road construction going on. With the supply from Australia being already tight owing to unabated torrential rains there is barely any respite for the buyers.And the final nail has been the hike ob USD 11 per tonne effective today for rail transport in India.Traders are making merry taking pot shots at every opportunity to hike prices as the on the eve of spring holidays as buying will be hamstrung. The buyers are eager to stockpile on the eve of holidays anticipating dearer purchase after words. Fe 63.5/63% has already breached USD 190 per tonne mark with a climb of 1% on the opening of week 3 and USD 200 per tonne is very visible very soon.
Grade | Change |
Fe 63.5/63% | 0.6% |
Fe 63.5/62.5% | 0.6% |
Fe 63/62 % | 1.2% |
Fe 62 / 61% | 1.3% |
Fe 61 / 60 % | 1.3% |
Fe 60/59 % | 2.1% |
Fe 59 / 58 % | 2.3% |
Fe 58 / 57% | 2.4% |
Fe 57/56 % | 2.6% |
Fe 56/55% | 1.9% |
Fe 55/54 % | 2.0% |
Fe 54/ 53 % | 2.2% |
Fe 53/52 % | 2.5% |
Fe 52/51 % | 1.4% |
Change is on Jan 24th as compared to 21st Jan 2011
According to latest report the inventory level at 19 ports among China surged to 80.9 million tonnes, first time to surpass the 80 million tonnes mark since 2007 and up 1.39 million tonnes compared to last week.
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:steelguru
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