Seaborne Iron ore prices remain firm on Friday. The spot Iron ore price stands at $138 CFR for Fe 63.5/63 Grade.
China's economy is stable, helping to increase the demand of Iron ore. Mills in china are maintaining their steel output amid of increase in demand for the coming season.
Crude steel output is increased by an average of 2.14 Mnt everyday between 1-10 of August, so steel mills will definitely procure Iron ore even though the prices for Iron ore are firm.
Zhu estimates that China`s crude steel output may reach 63-65 MnT in August and September, which will take the third quarter production to 194 MnT, up by 4% than expected.
The data shows an increase in manufacturing activity in china, which is at four months high in August , after the downfall in GDP for continues two years.
The Indian government is likely to decrease the export duty of Iron ore to 20%, which might result in increased inflow of dollars and is expected to strengthen India rupee as well as help to decrease the current account deficit(CAD)
The price of Shanghai rebar used in construction activity has increased by 5% this month. Growth in rebar price may increase in the brace of better demand from steel producer in the month of September and October.
Australia`s Atlas Iron ore posted a loss of USD 220.1 MnT. Company`s MD. Ken Brinsden said loss occurred due to decrease in the prices of Iron ore in 2012-2013.
Australia`s Atlas Iron ore shows 32% increase in production i.e. 7.4 MnT in 2012-2013 form 5.6 MnT in 2011-2012. Demand increased from Asia particularly China and Japan.
A miner sold PB Fines below USD 139 through tender, while three shipments across the global platform two deals for Fe62% at USD 137.9 & USD 138.4 and another Fe 58% at USD 128.6
Brazilian miners held a tender for Fe 60.97 grade Iron ore at USD 135
Spot Billet price remain unchanged.
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