The S&P/ASX 200 gained 44 … Amit Dixit, assistant vice president–research at Edelweiss Securities, told BloombergQuint he expects the trend to sustain in FY21 amid maintenance issues at BHP and Rio Tinto keeping production subdued in Australia, and a slower-than-expected ramp up by Vale apart from possible seasonal weather-related disruptions in the fourth quarter of the ongoing fiscal in Australia and Brazil. After advancing a solid 80% last year, iron ore prices are trending above $160 per ton in 2021. Shares of NMDC, however, closed about 3% higher on Monday in anticipation of a price rise and higher demand. “The production from newly auctioned mines will take some time and even when it comes the cost is Rs 1,000/tonne higher. Home > Commodity Prices > Iron Ore. Iron Ore Monthly Price - US Dollars per Dry Metric Ton. “[We] expect domestic iron ore prices to improve 30-40% over next the two-three months.”. Iron Ore (Fe) is mined in around 50 countries worldwide and used to make steel (buildings, cars, white goods etc.). The pandemic's tightening grip on Brazil and its iron ore output, just as Chinese demand for the mineral returns, is set to help Western Australia better weather the COVID-19 economic storm. India’s steel output for May jumped more than threefold over the previous month, Morgan Stanley said in a report citing Joint Plant Committee’s data. Prices of Dalian Commodity Exchange iron ore have risen more than 50% so far this year compared with hot-rolled coil steel’s 20% gain and steel rebar’s 12% increase, according to Bloomberg data. When economies are growing, the need for steel in construction increases which drives the price up. Yet, NMDC’s fine prices at discount to international and Odisha iron ore prices. A truck with raw ore at open-pit mine. The IODEX assessment is not origin specific, and takes into account ores with iron content between 60-63.5% Prior to 2012, the spot market saw Indian material traded most actively; this shifted, with Australia being the main source of spot medium grade fines material. Iron ore prices have risen the most among ferrous commodities so far this year globally as demand for the key raw material used in steelmaking rose once economies around the world restarted following the Covid-19 pandemic. Sustained steel demand, globally as well as in India, has been among the factors contributing to rise in iron ore prices. Crude steel production of JSW Steel Ltd.—India’s largest steelmaker—more than doubled over the previous month at 12.48 lakh tonnes in May. Analysts expect NMDC to be in a strong position to implement further hikes given the difference between Odisha prices. Domestic iron ore prices are likely to rebound as steel mills ramp up production after the lockdown curbs were eased and the world’s biggest producer of the steel-making ingredient shut operations at a mine. Iron ore prices surged 6% to $103.35 a tonne in Singapore on Monday, the highest since August 2019, on supply woes and concerns that surging Covid-19 cases in Brazil will disrupt … Now, he said, balance is starting to restore. Join our. With international prices surging, NMDC has raised its notified price for the second time in December. A sudden decline in international prices could be a game changer since the Chinese steel industry has sought government intervention after it complained that speculation, and not fundamentals, have driven up ore prices. International iron ore prices have rallied to a seven-year high, largely on account of a mine disaster in Brazil, which shuttered a significant chunk of output in Vale SA, the world’s second-largest ore producer. 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