China: Spot Iron ore Prices Unchanged

• Iron ore price remain firm
• Dalian commodity exchange up by 1%
• Old steel plants in China was shut down
• Paradip Port to export 5.5 MnT Iron ore in FY 14

China:

Seaborne Spot Iron ore prices unmoved on 26 Nov, 2013, there is mixed sentiments prevail in the market regarding Iron ore prices. SteelMint assessed that 63.5/63 Iron ore price on 26 Nov, 2013 remains firm at USD 136/MT CFR China. Australian 61.5 PB Fines unchanged at USD 135/MT CFR China.

Traders believes that Iron ore prices will come down due weak market condition and sluggish steel demand whereas Iron ore stocks at major ports in China is increased by 1.5 MnT to 85 MnT.

Shanghai Steel Rebar Future is up by Yuan 7 to Yuan 3642, this upward movement in rebar price is supported by Chinese government decision to close down the old steel mills and blast furnace this will decrease the steel making capacity of China.

Dalian commodity exchange up by 1% to 941 for the most traded Iron ore contract for the delivery on 14 may, 2014. Spot iron ore market in China remain firm because of unclear market condition and limited trading activity. Billet EXW price in Tangshang is rose by RMB 10 to RMB 3000.

India:

Iron ore exports from Paradip port just doubled in the month of November (till 23) which was decreased by 70% in the month of October because of Cyclone Phailin.

Iron pellet export from Paradip port in November (till 23) increased by 93%, total export of pellet till 23 of November is about 185,298 MT.

Paradip port is targeting 4.5 MnT of Iron ore export and 1.5 MnT of MnT of pellet export in FY 14 total 5.5 MnT of Iron ore export which is 300% more than last financial year said by Sudhansu Sekhar Mishra, chairman, PPT.