China: Spot Iron Ore Price increased by USD 2

•    Spot iron ore price increased with improvement in Steel demand
•    Shanghai Steel Rebar up by 0.14%
•    11.4 MnT of mined Goan iron ore to be auctioned
•    Iron ore export decreased in October

Seaborne Iron ore price increased by USD 2 on Thursday after touching lowest USD 131 on Wednesday which was earlier on 20th September’13.

China:

SteelMint assessed that 63.5/63 Iron ore is at USD 133/MT CNF China and Australian 61.5 PB Fines increased by USD 2 to USD 131 CFR China.

Iron ore price increased with an improvement in demand of steel in China. Chinese President Xi Jinping has shown interest in investment in affordable housing projects. This will help to increase the steel demand.

China Crude steel production decreased in first 15 days of October to 2.107 MnT pd from last 2.152 in late September. Decrease in production is because of lack of demand in Steel and overcapacity of Steel with Steel mills in China as well as because of one week long National day holiday.

Dalian Commodity Exchange remains firm with 0.1% Change to 921 from last Yuan 924 on Wednesday. Dalian commodity touched their lowest Yuan 913 on Tuesday which recovered after upwards movement in Shanghai Rebar Future Exchange.

Shanghai Steel Rebar Future was up by 0.14% to Yuan 3628 on Thursday from last Yuan 3623. Billet EXW price increased by RMB 20 to RMB 2990.

India:

Supreme Court appointed panel has recommend that 11.4 MnT of mined iron ore in Goa to be auctioned and this auction will be overseen by the monitoring committee.

Iron ore Exports in the month of October is decreased by 40% from the ports in India. This decrease in export is because of strengthening Indian rupee against dollar, decrease in Iron ore and steel demand in China.