- Seaborne spot Iron ore prices unchanged.
- Failure of meeting by Chinese government on low income group housing projects.
- Introduction of strict rules for pollution control may raise the iron lumps import.
- India: Suspending of trucks movement to paradip, affects exports.
SteelMint assessed that 63.5/63 Iron ore price remains firm at USD 136/MT CFR China. Australian 61.5 PB Fines up by USD 1 at USD 135/MT CFR China.
China:
Seaborne spot Iron ore price remain firm on 14th November because of weak buying sentiments in the market; traders believe Iron ore prices are high will come down soon, as well as weather gets colder in China, the buying appetite of Iron ore decreased during this time period. This is because of less construction activities during this season.
The failure of meeting by Chinese government which ended up with no great announcements resulted into less buying interest of Iron ore by mills. Mills in China are accepting some outcome from the meeting on housing units for low income group.
Mills began to cut down its output. As the The daily crude steel output across mills in the country weighed in at 2.0994 MnT for October, down 3.73% from the preceding month, as reported by the National Bureau of Statistics
Introduction of strict rules for pollution control, may rise the Iron lumps import. The Chinese government’s economic meeting held in china ends with a trouble to sintering units and pellet plants to control the emission owing to a very high pollution rates by these plants.
The sources say this initiative by government would result in the higher import of iron ore lump, as lumps are considered as the substitute for pellets in making steel.
India:
Suspending of trucks movement to paradip for coming 5 days, may affects exports.
Mineral lifting by truck transporters will be stopped by the government of Odisha for the next 5 days in order to resolve the vessel traffics problem at paradip port. They have decided to stop issue of electronic pass to truck owners till 17th of this month in order to regulate the overcrowded Paradip-Daitari National Highway No.5
This would not impact the domestic market, but may affect the exports to a limit.
Leave a Reply