Peruvian iron ore export prices are likely to reach some stability for the coming months, sources tell SteelOrbis.
Peruvian iron ore exports increased 47.1 percent in January, year on year, to 1.2 million mt, but declined in terms of price to FOB $35.60/mt, after showing some recovery from November to December.
In November, the commodity’s export price was FOB $38.10/mt, but a month later, it was being trade at an average price of FOB $39.50/mt, a 3.6 percent increase, month-on-month, according to data from the nation’s central bank, BCPR.
“Peruvian iron ore export prices are likely to reach some stability. I think prices for the product won’t decline much more from what we’re seeing now,” another source said, adding that the Peruvian market has already reached very low price levels, and expects prices to slightly fluctuate by only 5 to 10 percent.
The domestic Peruvian market expects prices to remain stable in the coming months. “If export prices don’t increase, we expect domestic prices to be stable,” a Lima-based source said, adding that export prices have been falling less in the last few months.