There is mixed sentiments prevailing in the market about the prices of Iron ore and Steel. Traders in china are expecting this correction as the prices increased very fast.
SteelMint assess that the spot Iron ore price on Thursday for Fe 63.5/63 stands at $ 138 i.e. decreased by $ 3 in comparison to last week. There is decrease in purchase of Iron ore as the mills having sufficient stock as heavy purchase done in the month of July.
Indian Iron ore traders are earning more as the dollar getting stronger against the rupee. Today Rupee is trading around Rs 65 against 1 $. If this slowdown in Rupees stays for long time Indian exporters will not mind selling the material at lower prices.
Shanghai rebar steel future is trading on a weak low. Traders are expecting rise in prices as the data shows an increase in the manufacturing activity during August which is expected to increase further in September.
The price of rebar in china has increased by 3.7% in August which indicates the expected growth of steel price in the month of September supported by the manufacturing sector.
In Indian domestic market offers for Fe 56 iron ore fines stands at Rs 3,000-3,100/MT delivered Vizag Port, however buyers are cautious on volatile truck freight charges. Mill Scale was heard sold at around Rs 5,600/MT, delivered Vizag Port. Last week an Indian exporter had concluded a deal for 22,000 tonnes of Mill Scale deal at around $126/MT CFR China (in Bulk).
Iron ore miners Rio Tinto sold 165000MT of Fe61% PB Fines at USD 137.7/MT
BHP Billiton sold 90,000 tonnes of Yandi fines at USD128/tonne
Billet prices stable at RMB 3200/MT in Tangshan.
Leave a Reply