MBIO58P - US$61.93
Platts 62% - US$72.50
Margin of 14..5%
I read that High/Mid grade IOs are currently out of favour, more than 50% of IO sold last week are low grade. Since price of steel are falling and demand is not strong, steel mills tend to use more low grade IO to cut cost. That's why the 62% index been falling.
Expect new round of the "inspection" soon, once that happen, the steel mills will use more high/mid grade IOs and hence the 62% index will rise again.
I'm also expect demand to increase from this weekend. The timing probably not good since we gonna have 4 days of holidays while IO price is increasing.
DYOR.
Frank.
Iron ore price, page-527
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