China: Market Opens after holidays, Iron Ore Price remain Firm 

• China market opens after 1week long holidays
• Spot Iron ore prices remain firm
• Shanghai Steel Rebar Future
• Iron ore exports increased from Paradip port

China:

Market opened after week long National day holiday in China. Mixed sentiments prevailed in the market Traders in China are expecting that Iron ore prices could go down or remain same throughout this week because of less demand by the steel mills. Iron ore restocking is expected by small mills as they have close to two week stocks available

SteelMint assessed that 63.5/63 seaborne Iron ore price remain firm on Tuesday at USD 132 CFR China. Australia 61.5 PB Fines stayed firm at USD 132 CFR China.

Shanghai Steel Rebar Future recovered by Yuan 23 after trading at twelve week low on 27^th of September, Shanghai Steel Rebar Future on 08 October is at Yuan 3599.

 Australian PB fines (Fe 61.5%) CFR China

India:

Indian exporters keep their offers firm, 63.5/63 at around USD 133/MT and Fe 60% at around USD 123-124/MT CFR China main port. With finance minister ruling out any reduction in export duty on iron ore (currently 30%) and freight charges moving up further will certainly pull down exports of iron ore from India.

Indian port exported about 5 MnT Iron ore in Q2 against 3.3 MnT in Q1, there is approximate increase of 50% in exports of Iron ore from Q1 to Q2. 

The main reason for the increase in export is because of increase in demand from China after Chinese government planning for more investment in rail, road and construction as well as rupee devaluation against dollar is also the factor for the increase in exports.