China: Spot Iron Ore Price Increased By USD 1

• Spot Iron ore price increased by USD 1
• Shanghai Steel Rebar Future increased by Yuan 29
• Railways freight charges will Increase from 1^st of October'13

Seaborne Iron ore price is increased by USD 1 to USD 132 CFR China on 23 September 2013.

China:

Spot Iron ore price increased with the growth in production by Steel mills in China. Crude steel output is increased by 0.5% i.e. 2.219MnT per day between (1-10 Septembers) which was at 2.119MnT per day during last 10 days of August.

Steel`s demand in China are not increasing in line with increase in Crude steel production whereasSome traders and Steel mills in China can do restocking this week before the national day holiday in China from 01-07 of October.

Shanghai Steel Rebar Future on 23 September increased by Yuan 29 to Yuan 3655 after drop of Yuan 20 on 18^th September'13. This positive performance of Rebar Future after mid-autumn holiday is because of increase in industrial production activity.

Iron ore miner vale sold 23,978MT of Iron ore grade 62.25 at USD 132.5/MT another tender of 90,000MT of Australian fines was at USD 132.5/MT. Iron ore trader at Shandong port sold PB fines of grade 61% at RMB 915/MT. Australian PB Fines grade 61.5 stayed at USD 131 with no change.

Billet EXW price is decreased by RMB 20 to 3020. There is continues fall in billet prices since the starting of September'13 till now billet price was decreased by RMB 150.

India:

Indian Railways are going to increase its tariff since 1^st of October. This increase in freight will done by considering Fuel Adjustment Component (FAC). FAC is decided by calculating fuel and energy prices. Railways had last increased the tariff in April'13 by 5.7%.

USD 1 = RMB 6.1475