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Argus introduces global iron ore price assessments

Steel News - Published on Wed, 15 May 2013

Global energy and commodity price reporting agency Argus has launched coverage of the global iron ore market with a new daily report, Argus Steel Feedstocks, focused on the all important Chinese market. The launch reflects growing interest in spot iron ore assessments and the market\'s need for transparent and accurate price markers.

The new Chinese price assessments cover cargoes for delivery to the port of Qingdao, northern China, and are accompanied by a daily iron ore market commentary. The three new assessments will cover 58% Fe, 62% Fe and 65% Fe iron ore fines, CFR Qingdao. The iron ore market coverage in Argus Steel Feedstocks will complement Argus\' existing coking coal spot price assessments, market commentary and global netback pricing.

Iron ore is a key industrial commodity that until recently was overshadowed by its downstream product, steel. But in recent years, there has been a shift towards shorter term contracts and spot trading, which has driven interest in robust independent price reporting. Seaborne iron ore volumes exceeded 1 billion tonne in 2012 and demand for iron ore looks likely to continue to increase over the medium term both in China and in the emerging economies of southeast and south Asia.

Mr Adrian Binks chairman & CEO of Argus Media said that \"This is Argus\' first step into assessing prices in the metals sector. The launch demonstrates Argus\' commitment to introducing our independent and transparent assessment of prices into markets that would benefit from our experience and expertise. Shifting international trade patterns and increasing production of sub 60% Fe grades in Australia are changing the profile of the most traded products in the spot market. The introduction of these new price assessments in the Argus Steel Feedstocks report offers an impartial view of the global iron ore market.\"

Source - Strategic Research Institute

(www.steelguru.com)


Posted By : admin on Wed, 15 May 2013
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