China: Spot Iron Prices remain Firm as Traders hold Buying

• Spot Iron ore Prices unchanged because of limited trading
• Shanghai Steel Rebar Future down by Yuan 40
• Iron ore demand decreased
• Iron ore export duty from India remain same at 30%

Seaborne Iron ore prices remain firm at USD 133/MT CFR China.

China:

Iron ore prices remain unchanged because of weak buying sentiments prevailed in the market. Traders and Steel mills in China not restocking may be because of coming National day holiday in China starting from next week (01-07 October)

Shanghai Steel Rebar Future is trading at its twelve week low as the demand for Steel is decreased. Today Rebar Future closed at Yuan 3576 i.e. down by Yuan 40.

Steel output in China is increasing but the demand side is very week. Still mills are expecting the demand will increase in the month of October.

Traders in China are expecting the price of Iron ore will come down because less trading is going on at this price level USD 132-133 as well the stock of Iron ore stocks are increasing at the port in China. It is expected some stocking will be visible in last working day on Monday.

An Iron ore traders at Shandong port sold PB fines of grade Fe 61% at RMB 920/MT. Australian PB Fines grade 61.5 unchanged at USD 132 CNF China.

Billet EXW price unchanged at RMB 3010

India:

The Finance minister P Chidambram declared that the Iron Ore export duty will not be reduced to 20% from current 30% said this decrease in duty will affect the local steel mills as  they are facing the shortage of Iron ore. 

USD 1 = RMB 6.1495