- Iron ore price remain firm with thin buying interest
- Dalian Commodity exchange unchanged
- India may have to Import Iron ore
China:
Seaborne spot Iron ore price remain firm, while the Steel mills in China are showing less buying interest for Iron ore at this price level.
Traders in China believe that Iron ore prices will come down because of sluggish steel demand in China, healthy supply of Iron ore to the Chinese port, plus the cold weather condition in December which is not favorable for construction.
SteelMint assessed that 63.5/63 Iron ore price on 25 Nov, 2013 remains firm at USD 136/MT CFR China. Australian 61.5 PB Fines unchanged at USD 135/MT CFR China.
Dalian commodity exchange remind unchanged on 25 Nov, 2013.Iron ore for the delivery on 14 mar, 2013 is closed at Yuan 956 against Yuan 957 i.e. down by 1 Yuan.
1 USD= Yuan 6.0926
India:
Steel Ministry of India has given a view that India may have to Import Iron ore in coming future with the increase in demand of Iron ore from domestic company’s in India.
Iron ore production in India is decreased from 167 MnT in FY 12 to 145 MnT in FY 13 i.e. a decrease of 13% Y-o-Y which is expected to go down further with the ban of mining in Goa, Karnataka and low production of Iron ore from Odisha.
India is the fourth largest producer of Steel after China, Japan and US, India Produce 78 MnT of Steel in FY 13 which expected to go up in current financial year.
According to planning commission, India expected to touch 150 MnT of steel production till FY 17.
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