Seaborne spot Iron ore price remain firm since Tuesday as the demand for steel is not increasing in China. Still Mills in China are showing less interest in the purchase of Iron ore at US $140.
SteelMint assess that 63.5/63 grade Iron ore on Thursday traded at US $140 CFR China.
Traders in china are waiting for correction in price of Iron ore. There is mixed sentiments prevailed in the market, Steel mills in China filled their Iron ore stocks for the coming season, expecting the demand for steel will improve in September and October.
Shanghai steel rebar future declined by Yuan 49 since Tuesday and traded at three week low at yuan 3749/MT on Thursday.
Iron ore export from India decreasing since second week of august there is decline of 27% this decrease in export may be because of rupee weak performance against dollar. Today rupee is trading at US $1 = Rs 66.89
Chinese based traders sold Newman Fines 62.5% grade RMB 950/Tonne and 61.5% PB fines at RMB 930/Tonne at Shandong port. Australian PB Fines grade 61.5 unchanged stayed at US $139.
Billet price decreased by RMB 10 after an increase of RMB 20 on Wednesday. Today Billet EXW price is at RMB 3150/Tonne.
US $1 = RMB 6.1690
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