MBIO Index 27 January 2011; $183.87/tonne; Index picks up slightly to $183.87

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.

MBIO Index 24 January 2011; $184.43/tonne; Index pushes up again hitting $184.43

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.

SMX partners with Metal Bulletin for Iron Ore Futures Metal Bulletin Iron Ore Index (MBIOI)

SMX partners with Metal Bulletin for Iron Ore Futures Metal Bulletin Iron Ore Index (MBIOI) underlying SMX’s inaugural index-based derivative; the Exchange to trade the world’s first Iron Ore Futures Contract*Singapore, 29 September, 2010 – Singapore Mercantile Exchange (“SMX”), the first pan-Asian multi-product commodity and currency derivatives exchange, today announced that it plans to list the world’s first Iron Ore Futures basis the Metal Bulletin Iron Ore Index. Metal Bulletin is the leading independent premium information and pricing provider for the metals industries.The Metal Bulletin Iron Ore Index (MBIOI) utilises daily price data from a broad spectrum of industry participants and through leading independent Chinese steel consultancy and data provider Shanghai Steelhome’s widespread contact base of steel producers and iron ore traders across China. MBIOI’s tie-up makes it the world’s only index to-date with access to such data from a major Chinese partner. The MBIOI is a tonnage weighted calculation of actual physical transactions, normalised to 62% Fe, CFR Qingdao and is published daily at midday London time.