Lower grade iron ore discounts narrow as Chinese steelmakers shift procurement

摘要

Singapore—Discounts for Australian and Indian iron ore fines with less than 60% Fe narrowed against Platts 62% Fe fines index as Chinese steelmakers’ demand for the lower grade ores increased given the higher value-in-use for the grade. Australian iron ore miner Fortescue Metals Group had cut the monthly discount for its 58.2% Fe Fortescue Blend Fines, or FBF, to 6% against Platts 62% Fe index in March, from 8% in February, under term contracts for several customers.