Sea borne Iron ore prices unchanged on Wednesday. Spot Iron ore fines for 63.5/63 stayed at USD 135/MT CFR China because of less purchase done by steel mills and traders.
China:
There is mixed sentiments prevail in the market about the Iron Ore price. Deals are happening at USD 135 CFR. Traders not ready to pay more for the cargo as they have sufficient stocks available for this month and Iron ore Stocks available at port which is increased by 0.1 MnT as compared to last week.
Iron ore restocking by traders and steel mills in China is expected to increase in last week of this month. some mills are purchasing there stocks before National holiday on 1st October.
PB Fines cargo today traded on USD 135-136. Iron ore miner vale sold 0.3 MnT of 60.14 at USD 126.23. Iron ore trader at Shandong port sold Fe 61% PB Fines at RMB 930/MT. Australian PB Fines grade 61.5 stayed at USD 133.
After increase of 0.80% on Monday shanghai steel rebar future exchange drop by 0.77% to Yuan 3723 i.e. – 29 since Monday. This decrease in prices is because of less demand and price cut by steel makers.
Billet price dropped by RMB 10 to RMB 3120
USD 1 = RMB 6.1601
India:
Steel Mills in India are facing shortage of Iron ore. This problem will get severe if Export duty decreased to 20%.
New projects are coming in Odisha if all Projects get materialized then Iron Ore reserve at Odisha will be depleted in coming 50 years.
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