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Iron ore export price moves down sharply again in India

The export price of iron ore moves down sharply again at present in India after a decrease of USD10t in past week. The prevailing price of iron ore fines 63.5% rejection below 62.5% is USD110-111t FOB Indian major ports, USD5t lower than that late last week. Players predict the price will move down again in following days.

Whereas, according to data, the iron ore stocks at Chinese major ports increased by 520 thousand tons to reach 92.74 million tons in the week ended on October 28th.

It’s analyzed that the increase iron ore imports from Brazil and India pushed up the inventory. Meanwhile, China’s daily crude steel output totalled 1.7998 million tons in the middle of October, down by 2.94% month on month, according to statistics released by China Iron & Steel Association (CISA).

Iron ore prices, down 30 percent this month, are nearing a “floor” as Chinese buyers replenish stocks and shipments from India dwindle, according to UBS AG. The price may rebound as much as $30 a metric ton to near $150 a ton in coming weeks, UBS analysts led by Sydney-based Tom Price wrote in a report today. The benchmark Asian price has dropped 16 percent this week, heading for its biggest such decline on record, according to prices from The Steel Index Ltd.

“The scale & speed of this week’s correction has little to do with trade fundamentals,” UBS said. “The reported collapse in trade liquidity instead suggests a ‘buyer’s strike’, with consumers deferring purchases until prices stabilize.”

Iron ore for delivery to the port of Tianjin in China, a benchmark for Asia, fell 5.7 percent to $120.20 a metric ton yesterday, according to The Steel Index. That’s the lowest since July 19, 2010.

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