Sea borne Iron ore fines prices unchanged on 02.09.13. Spot Iron ore price for 63.5/63 grade is firm at US $139 CFR China. Since 27th August Iron ore is traded between $139-140 whereas $143 was highest on 14th of August.
CHINA
China steel rebar future moving up, Positive sentiments prevail in the market for the growth in Chinese economy. Demand is expected to increase from railway and construction sector.
China steel rebar future rose by 0.88% since Thursday stayed at 3782 Yuan. China Purchasing Managers` Index (PMI) rose to 51% from 50.3% as per data released by National Bureau of Statistics.
Steel industry output may increase in coming month as the steel mills are receiving orders especially from railway and infra sector. Restocking of Iron ore will begin for current and October month.
Iron ore trader at Shandong port sold 62.5% Newman Fines at RMB 955/tonne and 61% PB Fines at RMB 940/tonne. Australian PB Fines grade 61.5 stayed at US $138.
Billet EXW price increased by RMB 10 at RMB 3180
INDIA
Indian Iron ore export is increasing from Indian coast with the increase in demand from china. Miners are using road as a mode of transport for the movement of iron ore to port. Truck freight is increased by Rs 500/MT with the increase in export movement. Major movement of Iron ore is to Paradip port.
Big miners like Essel has raised their offers by Rs 200/MT on iron fines and lumps on improved demand. Pellet offers stand at around US$140/MT FOB East Coast India for Fe 63%
US$ 1 = RMB 6.1702
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