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TSI's 62% iron ore January monthly average rises almost 3% - 1 February 2012

The price for 62% Fe iron ore fines moved in a very narrow range in January. This continued the relative stability seen since early December, though at slightly higher levels. The daily iron ore reference prices released by The Steel Index (TSI) yesterday show the end of January price for 62% Fe iron ore as 2.8% higher than at the end of December.

The reference price for 62% Fe iron ore fines finished January at $142.40/dmt cfr Tianjin, $3.90/dmt above that of a month earlier. The market for lower grades was similarly steady, the reference price for 58% Fe iron ore fines finished January at $124.80/dmt, almost unchanged.

TSI also published its monthly average price for January: $140.35/dmt for the 62% Fe reference product, the mean of all daily 62% reference prices during the month; and was 2.85% above December. This is used for iron ore swaps and options on the Singapore Exchange (SGX), LCH.Clearnet (London), CME Group (Chicago), NOS Clearing (Oslo) and ICEX (India).

It is also used for index-based pricing with many contracts now on a “current-month” price basis. The narrow movement range in January means the last three month’s average prices have remained close but rising; current spot levels are higher again. Contracts based on the monthly average continue to grow, but spot price or current-quarter index pricing are still used.

TSI's monthly average for January for 62% Fe content fines reference price with low (2%) alumina, also used for index-based pricing, is $142.10/dmt.

Further details can be found on TSI's website


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