China: Spot Iron Ore Prices Remain firm

• Spot Iron prices remain firm amid less buying interest
• Dalian Commodity Exchange up by 0.4%
• China keeps an eye on Goa E- auction

SteelMint assessed that 63.5/63 Iron ore price remains firm at USD 136/MT CFR China. Australian 61.5 PB Fines unchanged at USD 134/MT CFR China.

China:

Iron ore trading in China remains thin this week, as few traders in China are in belief that Iron ore prices will come down in coming weeks. The steel mills and traders in china are not in a hurry to purchase Iron ore cargo as they have sufficient stocks for this month and also availability of Iron ore stocks at the  ports.

Dalian Commodity exchange up by 0.4% to 943 Yuan, as the positive sentiments are felt in the market after the Chinese President Xi Jinping has shown interest in investment in affordable housing projects this will help to increase the steel demand in China.

On the other side the traders here are in a wait of some announcements and reforms in urban infrastructure by the Chinese Leadership meeting going on in Bejing.

Shanghai Steel Rebar future down by 0.6% to 3647 as the arrival of winter brings fall in the construction activity.  Billet EXW price down by RMB 30 to 3010.

India:

Goa miner have got a positive note from the Supreme court for E- auctioning 11.48 MnT of extracted Iron ore lying in the form of fines, dumps and lumps.  While the Goa miner were seeking clarity on this E- auction episode.

Goa Iron ore E-auction grabs the interest of Chinese buyers. Although Australia is also the exporter of low grade iron ore, but Chinese trader are much more interested in Goan Iron ore because they have experience in using such ores for blending in their furnaces since a couple of years ago.