After some couple of days silence, Seaborne Iron ore market broke down, registering a down fall of USD 1/ MT. Last week owing to the speculations by traders, market gained in a steady manner, but after the acute awareness among the buyers, regarding the abundance in Iron ore supply, smart and sensible procurement is dominating the market.
Spot market prices remain stable in most of the ports. Prices for Indian Fines (Fe 63.5) were at RMB 950/WMT (including VAT), where as the domestic Iron ore prices were at RMB 840/WMT (excluding VAT).
China will adjust some of its import & export duties in 2014, nearby the month of January.
Asian Development Bank said that China’s economic growth is predicted to stay at 7.5% in 2014.
Market is still predicted to be optimistic given there’s winter stockpiles in east China, as some steel mills wish to achieve its yearly production target and accordingly they need to refill their stocks.
The billet traders are increasingly bullish about the market, even though real demand remains thin. Billet market witness up trend, as sentiment is boosted by power rationing in partial northern cities. Currently, square billet stands at RMB 3030/MT.
Today, Australian PB Fines (Fe 61.5) stood at USD 137/MT, down by USD 1/MT
USD 1= RMB 6.1115
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