India iron ore export price cash gain 5%, as rising demand
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India’s iron-ore prices for cash sales to China may gain about 5 percent next month as demand rises in the world’s biggest buyer of the steelmaking material.
Prices may climb from the prevailing $110 a metric ton by the first
week of January, R.K. Sharma, secretary general of the Federation of
Indian Mineral Industries, said today. China is the main buyer of
Indian iron ore in the spot market.India’s iron-ore exports in the first seven months of this financial
year jumped 21 percent as steelmakers in China, spurred by the
government’s $586 billion stimulus package, increased raw material
purchases. Weekly cash prices for iron ore imported by China from India
gained 5.2 percent, the biggest increase in six straight weeks, to a
record $111.50 a ton last week, according to Metal Bulletin.“The trend is strong and this year will close on a positive note,” Sharma said in an interview.
The cash price for Australian iron ore also reached a record $107.40 a ton as of Dec. 18, according to the Steel Index.
Iron-ore imports by China in November reached 51.1 million tons, the
customs office said on its Web site on Dec. 11. That compares with 45.5
million tons in October and a record 64.6 million tons in September,
according to data on the Bloomberg.China may import 70 percent of its iron-ore needs this year, compared
with 50 percent last year, Baosteel’s Chairman Xu Lejiang said on Dec.
3. Contract prices for iron ore may rise 15 percent to 20 percent next
year to the second-highest on record, China International Capital Corp.
said on Nov. 17.Source: Bloomberg
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Imported iron ore inventories at China’s major ports stayed almost flat this week, rising by less than half a percent to reach 65.92 million tonnes, industry consultancy Mysteel said on Friday. Ore from India edged higher by 280,000 tonnes to finish the week at 12.35 million tonnes, while Australian ore
Taiyuan Iron & Steel Group, China’s biggest stainless-steel producer, is looking to invest in iron ore and nickel resources in Australia and other countries, Chairman Li Xiaobo said. “We are chasing some iron ore projects as well as nickel,” Li said in an interview in Shanghai, declining to give details. “So
The Baltic Dry Index, a measure of shipping costs for commodities, posted its best-ever annual advance in London after record iron-ore demand from China. The index tracking transport costs on international trade routes advanced 288 percent this year, exceeding the record 174 percent set in 2003, data from the Baltic
Iron ore imports by China, the world’s largest buyer, rose 12 percent last month as steelmakers increased production to meet demand from makers of cars and appliances. Imports of the steelmaking ingredient were 51.1 million metric tons, the customs office said on its Web site today
Steel demand in China, the largest metal consumer, may rise 12 percent next year on booming property and auto demand, fueling gains in prices of iron ore, China International Capital Corp.
Steel production growth in China will hold above an annual 10 percent for the next five years, Chinese research group Steelhome.cn said. “Steel production in China will increase at the current pace in the next five years at least,” President Wu Wenzhang said in an interview in London today. “A
Sesa Goa Ltd., India’s biggest iron- ore exporter, said third-quarter group profit rose 76 percent on higher demand for the raw material from steelmakers in China. Net income rose to 8.3 billion rupees ($182 million) in the three months ended Dec. 31 from 4.71 billion rupees a year earlier, the
Sesa Goa Ltd., India’s biggest iron- ore exporter, said third-quarter group profit rose 76 percent on higher demand for the raw material from steelmakers in China. Net income rose to 8.3 billion rupees ($182 million) in the three months ended Dec.
The global steel industry will suffer more losses should iron ore prices increase next year, Baoshan Iron & Steel Co., China’s largest steelmaker, said. “There aren’t many profitable steelmakers at present,” Shanghai-based Baoshan told the official Xinhua News Agency in an interview posted on the company’s Web site
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Annual iron ore benchmark talk for fiscal 2010 is coming, under which spot iron ore price hit record high. Bur some investment banks raised their forecast increase on long-term iron ore contract price for next year owing to the robust demand from China and other regions in the world. On
Vale SA, the world’s biggest iron-ore miner, was raised to “buy” from “neutral” and had its stock- price estimate increased at Goldman Sachs Group Inc. on expectation demand for the mineral will rise. Vale’s stock-price outlook was raised to $31 from $25, Sao Paulo-based Goldman analysts led by Marcelo Aguiar wrote
Vale SA, the world’s biggest iron-ore miner, was raised to “buy” from “neutral” and had its stock- price estimate increased at Goldman Sachs Group Inc. on expectation demand for the mineral will rise. Vale’s stock-price outlook was raised to $31 from $25, Sao Paulo-based Goldman analysts led by Marcelo Aguiar wrote
Fortescue Metals Group (FMG) is discussing with China about whether the discount will continue in the iron ore supply in the fourth quarter of 2009, according to foreign media, citing Graeme Rowley, executive director of the third biggest iron ore supplier in Australia. In August, the China Iron and Steel Association
Fortescue Metals Group (FMG) is discussing with China about whether the discount will continue in the iron ore supply in the fourth quarter of 2009, according to foreign media, citing Graeme Rowley, executive director of the third biggest iron ore supplier in Australia. In August, the China Iron and Steel Association
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