Seaborne Iron ore fines drop by USD 3 at USD 132 CFR China after staying at USD 135 for four days. This fall in prices is due to National holiday in China.
China:
Traders in China are not ready to book their cargo because cargo booked now will reach them between National holidays. Therefore the demand for Iron ore has decreased. There is one week`s holiday (01-07 October) in china for the celebration of autumn festival.
Shanghai Steel Rebar Future fall continuously on third day with the decrease in buying interest. Rebar is down by 0.16% to Yuan 3717.
Steel's demand in China has not performed as was expected to in September which was supported by cooler season favorable for construction activity. Weak steel demand is affecting the market sentiments and Iron ore prices.
An Iron ore miner sold 170,000 MT of PB Fines at USD 136.5 through CBMX. An Iron ore trader sold Fe 62% Newman fines at RMB 955/MT at Shandong port and 61% PB Fines at RMB 935.
Billet EXW RMB 3100 down by RMB 20. There is continuous fall in Billet price this week. Billet is down by RMB 50 since Monday.
India:
Sesa Goa India miner, very soon going to start mining in Africa by the end of this year. Sesa Goa owns Liberia Western cluster projects.
Sesa Goa eying to increase the overseas mining as there Indian projects are facing legal restrictions.
USD 1 = RMB 6.1575
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