China: Spot Iron ore Price remain Firm

• Iron ore price rigid amid of fragile market condition
• Dalian commodity exchange up by 0.3%
• Iron ore export increases from Paradip port in November

China:

Seaborne Spot Iron ore prices remain firm since last one weak with some enquiries and trading activity seen between USD 135-137/MT CFR China. Iron ore price getting support at this price level, as the Iron ore market was stable since last 10 days.

SteelMint assessed that 63.5/63 Iron ore price on 28 Nov, 2013 remains firm at USD 136/MT CFR China. Australian 61.5 PB Fines unchanged at USD 135/MT CFR China.

Restocking of Iron ore by Steel mills is being expected in the month of December before the weather gets colder, so fall in Iron ore prices less expected. Iron ore stocks at major ports in China are increased by 1.5 MnT to 85 MnT which is highest stock level at port since December 2012.

Dalian commodity index up by 0.3% to Yuan 939 for the most traded Iron ore contract in May. Shanghai Steel Rebar Future is down by 0.13% to Yuan 3650 because of weak steel demand. Hebei Group (Yearly production 42 MnT) cut their Steel and Iron making capacity by 11 MnT.

Iron ore miner Rio tinto sold 170,000 MT PB Fines at USD 135.3 for December shipment. Iron ore trader at Shandong port sold 61% PB Fines at RMB 910/MT. Billet EXW price in Tangshang is rose by RMB 10 to RMB 3010 since 26 Nov, 2013.

USD 1= Yuan 6.0927

India:

Iron ore export in November (till 27) from Paradip port is increased by 134% and 14.5% from Vizag port which is supported by rupee depreciation against Dollar. Iron ore export was decreased by 70% for Paradip port in the month of October because of Cyclone Phailin.