China: Spot Iron Ore Price increased by USD 1

• Spot Iron ore increased by USD 2 this week
• Shanghai Steel Rebar Future gain by 0.5%
• Reduction in Export duty Ruled out by Indian government

China:

Seaborne Iron ore prices increased by USD 1 on 11^th October'13 with the increase in purchase of Iron ore by the Steel mills in China, Iron ore fines price increased by total USD 2 this week.

SteelMint assessed that spot iron ore price for 63.5/63 is at USD 134 CNF China on 11^th October'13. Average Iron ore price for 63.5/63 in September was USD 133.65 CNF China.

Steel mills in China are purchasing Iron ore to pileup there stock level, Steel Mills stock level decreased due to National day holiday last week as well as because of less stocking done during  last week of September.

Shanghai Steel Rebar Future gained by 0.5% to Yuan 3608. Rebar Future was under pressure on Wednesday after IMF (International Monetary Fund) decrease the GDP growth rate of China i.e. 7.6% this year which was expected 7.8%.

Iron ore miner Rio Tinto sold 78,000 MT Iron ore grade 64.5% at USD 138.51/MT. Iron ore trader at Shandong port sold 61% PB Fines at RMB 915 and at Tianjin port 62% Newmen Fines at RMB 940/MT.

Billet EXW price increased by RMB 10 to RMB 3010.

India:

Mr S R Rao Secretary of commerce has rejected the demand from exporters to decrease the export duty from current 30%.