Still no cost curve for IO?? Been waiting for months now, talk is cheap.
Tangshan Billet unchanged this afternoon, 2920 yuan.
Tangshan Billet inventory 324KT, down 29KT from last week.
Construction steels continue to have good volume this morning, others are down this morning.
Some high grade IO at various ports are down 10 yuan today.
FMG spot prices at various port:
Jingtang Port: FMG 58% 363 yuan or US$52.60. (earlier were 355/358 yuan)
Qingdao Port: FMG 56% 335 yuan or US$48.60. (earlier were 330/335 yuan)
If above price is the norm, FMG is currently get 12.5 to 19 % discount if IO price US$60.
I think the discount will get better and better as low prices forcing other low grade high cost producers out of the market.
DYOR.
Frank.
Iron ore price, page-1344
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