China markets to remain closed till 24th Sept

Wednesday, September 22,

CNF price of Indian fines Fe 63.5/63 cargo is being quoted at $145-146/MT. Demand remains weak since markets in China are closed until 24^th September for mid-Autumn holidays. The Shanghai Futures exchange will also be closed till Monday, 25^th September. The markets will reopen for 3 days and shut again between 1-7 October for Chinese New Year.

Markets will resume business from 8^th of October. Any revival in demand for Iron ore fines can only be seen when China gets back to work after long holiday and the power and production limitation imposed on Steel mills is eased off by the Government.