Iron market report October 2011

Pig iron price sharply slumped down by 5% month-on-month in October, mainly because of slow activity and drop raw material prices. In October, the average price of pig iron was at RMB3,750/t, RMB3,600/t, RMB3,820/t and RMB3,460/t in Tangshan, Yicheng, Zibo, Yuxi respectively lower from RMB3,940/t, RMB3,750/t, RMB3,950/t and RMB3,730/t in September, all on VAT included Ex works basis. Iron plants report loss of over RMB100/t, and some stopped production in October.Asian Metal Copyright Therefore, the market inventory is likely to drop significantly in November.Asian Metal Copyright Many running iron plants noted that they would cut or stop production in November.Asian Metal Copyright Iron plants report loss of over RMB100t, and some stopped production in October.Asian Metal Copyright Therefore, the market inventory is likely to drop significantly in November.Asian Metal Copyright Many running iron plants noted that they would cut or stop production in November.Asian Metal Copyright