- Spot Iron ore price drop by USD 1
- Shanghai Steel Rebar Future down for continues 7th day
- Mid-Autumn holiday in China from 17-20 September'13
- Assocham asks Government to increase Iron ore supply
Seaborne Iron ore price dropped by USD 1 on 18 September this drop in Iron ore prices continues because of weak buying in Chinese market
China:
SteelMint assessed 63.5/63 Iron ore price on Wednesday is at USD 131/MT CNF China which is lowest since 6th of August'13. Spot Iron ore price fall by USD 3 since Monday 16th September.
Steel mills and traders in China are not interested in buying Iron ore and hold back their buying because of weak steel market. Steel demand in China expected to increase in September which has not improved till now. Weak steel demands in China affecting the market sentiments and decreasing the demand for Iron ore.
Shanghai Steel Rebar Future dropped today by Yuan 20 to Yuan 3626. Weak performance of Steel Rebar is continued for seventh consecutive day and also trading at its seven week low.
Iron ore prices dropped today by USD 1 because of less buying interest from traders and Steel mills. This may be due to coming mid-autumn holiday on 19th and 20th of September'13. Market is expected to open with positive sentiments on 23 September.
India:
Iron ore demands from the steel industries are increasing because they are running at its all time low production capacity. Assocham Industrial body asked Government to increase the Iron ore flow to domestic steel industries, as this will also help to improve Current Account Deficit (CAD).
USD 1 = RMB 6.1557
Leave a Reply