24 January 2011
MBIO Index 24 January 2011
$184.43/tonne MBIO Index 21/1/11
$183.40/tonne % Change +0.6%/tonne $ Change +$1.03/tonne
The MBIO Index today calculated to $184.43/tonne cfr Qingdao on a 62% Fe basis. This is a rise of $1.03/tonne over the weekend after a small rise on Friday. The number of transactions seen today has dropped from the end of last week when we saw a significant increase in tonnage from Australia. Despite this, the few deals that have gone through today have represented the increase. Assessments for 63.5% Indian material remained flat today at $188-191/tonne. In India, the Orissa state government banned operations at 23 iron ore mines claiming they were operating illegally. As the largest iron ore exporting state in India, this small ban in Orissa should not affect supply considering there are several hundred mines in Orissa. Should the state be successful in forcing a wider limit on exports as announced last week, a larger affect on prices is likely to be seen. Read More at http://www.mbironoreindex.com Sourced:Metal Bulletin Ltd.
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