MBIO Index 25 January 2011; $183.48/tonne; Index drops for first time in 13 days to $183.48

MBIO Index 25 January 2011

$183.48/tonne MBIO Index 24/1/11 $184.43/tonne % Change -0.5%/tonne $ Change -$0.95/tonne The MBIO Index today calculated to $183.48/tonne cfr Qingdao on a 62% Fe basis. This is a fall of $0.95/tonne on yesterday as the index falls for the first time since 6th January. It is also the largest drop in a month. Yesterday, despite the climb in the index, the number of transactions fell as mills stayed out of the market giving some indication that prices may drop shortly. This trend has continued today with few deals taking place. Assessments for 63.5% Indian material remained flat again today, at $188-191/tonne. With the holiday fast approaching, we may start to see the number of transactions continue to fall with traders unwilling to remain in the market as liquidity starts to dry up. Mills seem to have finished the majority of their buying as well. If this is the case we can expect to see the spot price start to edge down in the short term. Read More at http://www.mbironoreindex.com/ Sourced:Metal Bulletin Ltd.

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.