MBIO Index 7 Jan 2011
MBIO Index 7 January 2011; $171.43/tonne; Index jumps up as activity increases, to $171.43
MBIO Index 7 January 2011; $171.43/tonne MBIO Index 6/1/11 $169.05/tonne % Change +1.4%/tonne $ Change +$2.38/tonne
The MBIO Index today calculated to $171.43/tonne cfr Qingdao on a 62% Fe basis. This is a jump of $2.38/tonne on yesterday as the index pushes up to the highest level since 10 May 2010. The index has now risen $4.30/tonne over the week, its largest weekly rise in nearly two months. We have seen a significant rise in the number of transactions today following what has been a very quiet period in the market with many mills remaining on the sideline. Activity has been increasing this week as mills look to increase stocks but today represents the first major climb in completed deals. Freight rates have been declining on the back of the flooding in Queensland, Eastern Australia, as many ships are unable to load cargoes. This fall further highlights the strength of the iron ore price on a FOB basis. The short term market outlook looks bullish with further restocking from Chinese mills expected to push the spot price up further.
MBIO Index 6 January 2011; $169.05/tonne; Index drops off recent high to $169.05
MBIO Index 6 January 2011; $169.05/tonne; Index drops off recent high to $169.05
MBIO Index 6 January 2011; $169.05/tonne MBIO Index 5/1/11 $169.48/tonne % Change -0.3%/tonne $ Change -$0.43/tonne
The MBIO Index today calculated to $169.05/tonne cfr Qingdao on a 62% Fe basis. This is a fall of $0.43/tonne on yesterday as the index retreats from the 7 month high it also hit yesterday. Assessments for 63.5% Indian material have remained at $177-179/tonne, but it has been reported that offers for the material are continuing to push up optimistically. It has been reported that several Goa-based iron ore miners are likely to declare force majeure as transport contractors in the region refuse to ship material from mines to river ports. This is likely to restrict supply further and may see iron ore spot prices push up. The short term market outlook remains firm with tight supply and restocking from Chinese mills likely to hold up the high prices
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