Indian domestic spot prices for iron ore surge on supply constraints

July 16, 2008

July 16th (Steel Guru) – It is reported that, amid strong demand, due to supply side constraints, domestic spot prices for iron ore would go up from today by 6% to 7%.

Product Grade Size 14-Jul 15-Jul Change %
Iron ore – BF Fe 65% 10-40 5500 5900 400 7.3%
Iron ore – Sponge Fe 63% 5-18 6600 7000 400 6.1%
             

1. Rates are in INR per tonne
2. Rates are Ex mines but include loading into rakes
3. VAT or CST is in addition
4. Royalty is INR 19 per tonne for Fe content of 63% and INR 27 per tonne for Fe content of 65%

The price trend for last one month has been as under

Product Grade Size 23-Jun 1-Jul 15-Jul
Iron ore – BF Fe 65% 10-40 5000 5500 5900
Iron ore – Sponge Fe 63% 5-18 6100 6600 7000
           

Change over last 1 month has been 15% to 20%

Product Grade Size Change %
Iron ore – BF Fe 65% 10-40 900 18.0%
Iron ore – Sponge Fe 63% 5-18 900 14.8%
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