MBIO Index 27 January 2011; $183.87/tonne
MBIO Index 26/1/11 $183.21/tonne % Change + 0.4%/tonne $
Change +$0.66/tonne
The MBIO Index today calculated to $183.87/tonne cfr Qingdao on a 62% Fe basis. This is a rise of $0.66/tonne on yesterday as the index ends two days of falls and hovers around its all time high. Assessments for 63.5% Indian material remained flat again today, at $188-$191/tonne.
The market has remained quiet all week as the participants looks for direction. Many market participants are happy to wait on the sideline as the Chinese mills look forward to next week’s New Year holiday. With some producers expecting prices to rise after the New Year they are happy to hold on to their material until the Chinese mills come back to the market.
Despite this, some do not believe that current Chinese demand could sustain the current high prices, especially if Indian supply picks up.
MBIO Index 26 January 2011; $183.21/tonne; Index edges downwards to $183.21 MBIO Index 26 January 2011; $183.21/tonne
MBIO Index 25/1/11 $183.48/tonne % Change -0.1%/tonne $ Change -$0.27/tonne
The MBIO Index today calculated to $183.21/tonne cfr Qingdao on a 62% Fe basis. This is a fall of $0.27/tonne on yesterday as the index falls again. Assessments for 63.5% Indian material remained flat again today, at $188-$191/tonne.
The number of transaction has remained low today as mills continue to stay out of the market. It has been reported that iron ore miners in the southwestern Indian state of Goa are returning to normal operations after the end of a strike by transportation workers that began in early January. It has also been reported that Port Hedland on the west coast of Australia has seen ship loading suspended with the onset of cyclone Bianca. This may cause some mills to enter the spot market to make up any short falls but this effect should not be immediate. Read More at Metal Bulletin to provide daily Iron Ore Index as Chinese Spot Market volumes boom.
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