Chinese steel production has hit an all time high with around 800-900 million tonnes production on yearly basis.
China remains the largest steel producer in the world followed by Japan with 110 million tonnes of crude steel production. Indian stands 4th with around 70 million tonnes of crude steel production.
Spot iron ore market remains weak for 2nd consecutive day after steel prices in China kept on falling.Australian PB fines of grade 61.5 % Fe heard to be bid at $2 lower to $149/t CFR.
Where as Indian 63.5/63 Fe fines are in the range of $151-153/t.A cargo of 59/58 % Fe heard to be concluded at $132/t CFR.
INDIAN DOMESTIC MARKET
It is reported that road freight to various ports have gone up by Rs 50-100/t on improved demand and higher prices in international market.
Indian exporters capitalize on weak rupee (1$=Rs 51.85).
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