China: Spot Iron Ore price down by USD 1

• Spot Iron ore prices down by USD 1 due to weak steel demand
• Shanghai Steel Rebar up by 0.25%
• Tata Steel enters Ivory Coast for Iron ore mining

China:

Seaborne Iron ore prices down by USD 1 due to subdued Steel demand. Less restocking of raw material by the steel mills and traders in China between these thin trades there is demand for medium and high grade raw material.

SteelMint assessed that 63.5/63 Iron ore fines is at USD 134 CNF China on Monday. Australia 61.5 PB Fines remain firm USD 134 CFR China.

Shanghai Steel Rebar future up by 0.25% on Monday to Yuan 3570. Steel demand expected to be week in coming November and December because of cold weather condition in China which will not be favorable for construction.

Billet EXW prices are decreasing because of less demand, closed at RMB 3000 on last Friday. Steel mill in China expecting improvement in steel price and maintained their steel output at 2.144 MnT pd.

India:

Tata Steel enters a joint venture with Ivorian state-owned mineral development company (SODEMI) in which Tata Steel is having the stake of 75%. The Iron ore mined from the mines supplied to Tata Steel units, especially those located in Britain and the Netherlands.