Sponge iron prices in India rose INR 100-400/tonne (t) across markets today. PDRI prices closed at INR 23,600-26,300/t, while CDRI was at INR 26,300-31,000/t. Sponge prices saw an uptick on Monday. However, following a continuous rise in prices and bookings, buyers opted for need-based purchasing. A moderate transaction volume was recorded today. Transactions for about […]
Indian mills have recently concluded over 10,000 tonnes (t) of pig iron purchases through auctions, which indicated a potential stabilisation in prices. BigMint understands that pig iron prices have bottomed out in the domestic market as cost considerations are likely to deter sellers from offering at lower-than-current levels while raw material prices, too, are expected […]
*Shipments fall to 1.53 mnt in Nov’24 *Chinese demand takes a beating as steel output drops *CY’24 export volumes may reach around 30 mnt Morning Brief: India’s exports of iron ore (excluding pellets) were recorded at 1.53 million tonnes (mnt) in November 2024 as against 1.97 mnt in October, as per BigMint assessment. India’s iron ore […]
China recorded a fall of 2% m-o-m in iron ore and pellet imports to 101.862 mnt in November 2024 as compared to 103.83 mnt in the previous month, according to the General Administration of Customs. The slight drop followed subdued market sentiments. However, in January-November 2024, the world’s largest iron ore consumer and importer received […]
Mysteel Global: Global mining giant Rio Tinto has set its annual guidance for iron ore shipments from its Pilbara operations in Western Australia at 323-338 million tonnes (mnt) (on a 100% basis) for 2025, unchanged from that in 2024, according to an announcement on 4 December. During the first three quarters of this year, the world’s […]
Iron ore prices in the Odisha region remained largely stable this week, with participants exhibiting a cautious stance toward fresh purchases. Limited buying interest prevailed, driven by weak market sentiments and subdued demand. Adding to this, a material shortage was observed as major miners withheld from offering new supplies, further dampening market activity. BigMint’s Odisha […]
Iron ore prices in Odisha remained under pressure this week as the domestic pellet, sponge iron and steel markets continued their downtrend. Market participants attribute this to a lack of confidence among steelmakers in procuring raw materials at prevailing rates. The ongoing slump in iron ore export prices further weighed on raw material prices in […]
The iron ore market in Odisha saw restricted buying interest this week with miners raising prices following OMC’s auction. Trading volumes remained subdued due to weak demand from sponge iron makers and a downturn in the export market. BigMint’s Odisha iron ore fines (Fe 62%) index remained stable w-o-w to INR 5,600/t ($67/t) ex-mines on […]
Morning Brief: Global iron ore imports recorded a nominal growth of around 5% to 1,201 million tonne (mnt) in the January-September, 2024 (9MCY’24) compared to 1,149 mnt seen in the same period in 2023. Australia was the largest exporter with 646 mnt, up 2% y-o-y followed by Brazil with 291 mnt, a rise of 6%. South […]
Brazilian mining giant Vale has set an ambitious target to surpass 360 million tonnes (mnt) of iron ore production by 2030, said Eduardo Mello Franco, Marketing Manager, Vale, at the Asia Iron Ore Summit organised by Mysteel Global. As part of this strategy, the company is committed to driving sustainable mining practices, focusing on safety […]