- Spot Iron prices increased with improvement in Steel Demand
- Dalian Commodity Exchange drop by 0.3%
- Billet Price increased by RMB 10
SteelMint assessed that 63.5/63 Iron ore price increased by USD 3 to USD 137/MT CNF China. Australian 61.5 PB Fines increased by USD 3 to USD 135 CNF China.
China:
Seaborne Iron ore prices up by USD 3 with increase in steel demand which is supported by Chinese President Xi Jinping, planning to build 36 million affordable housing units for low income group and this planning will come under 12 five year plan. This will help to increase the steel demand which remain firm last month.
The World Bank said Iron ore average price this year will be between USD 134-135/MT. Chinese Economy expected to grow with the pace of 7.8% in third quarter in comparison to 7.5% in Second Quarter.
Buyers are cautious over increase in the price of Steel and Iron ore. Large mills in China are doing limited trading as they have sufficient stocks available. Steel demand expected to be week in November end and December because of cold weather condition which is not favorable for construction activity.
Shanghai Steel Rebar Future drop by 0.1% to Yuan 3669 after increasing by 2.5% on 04 November and Dalian Commodity exchange drop by 0.3% to Yuan 946.
Iron ore miner RIo Tinto sold 78000 MT of Fe 60% Iron ore at USD 125.01/MT. A China based trader sold Fe 63% Brazilian fines at RMB 930/MT at Shandong port and Fe 61% PB Fines at RMB 920/MT.
Billet EXW price increased by RMB 10 to 3030. Billet price increased by RMB 60 in last one week.
USD 1 = RMB 6.1447
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