China: Spot Iron Ore Prices remain Firm on 25th September

• Spot Iron ore price unchanged
• Shanghai Steel Rebar Future down by Yuan 16
• Goa Government urged Supreme Court to start mining in state

Seaborne Spot Iron ore prices for grade 63.5/63 remains firm at USD 133/MT CNF China.

China:

Spot Iron ore prices remained unchanged after increase of USD 1 on 24^th of September. This increase in prices of Iron ore is because small steel mills in China are restocking the material before the National day holiday in China (01-07 October)

Shanghai Steel Rebar Future on 25 September'13 is at Yuan 3626 which is down by Yuan 16. Rebar Future move downward because of weak demand for Steel in China which has not increased as expected. Steel production in China is increasing but demand remains stagnant.

Iron ore stocks at the port in China are increasing. The traders and Steel mills in China are expecting correction in the price of Iron ore in the incoming week as the supply is increasing.

Iron ore miner Reo Tinto sold 170,000MT of Iron ore grade Fe 58% Yandi fines at USD 124.5. Iron Ore trader at Shandong port sold Fe61 % PB Fines at RMB 915/MT and 61% MAC fines at RMB 905/MT. Australian PB Fines grade 61.5 increased by USD 1 to USD 132 CNF China.

Billet price unchanged at RMB 3020.

India:

Goa`s Government has taken some strong steps to stop illegal mining in goa like keeping maximum Iron ore production around 45MnT annually. It has also asked the Supreme Court to allow mining and Iron ore export from Goa as the states one fifth revenue comes from the export of low grade Iron ore fines.

USD 1 = RMB 6.1497