China sees upswing in import ore prices
The monsoon season in
India and the slight increase of steel prices in
China's markets have helped push up the import price of Indian
iron ore in
China.
According to the latest reports, the import price of 63-63.5% concentrate Indian
iron ore increased to $62-65/ton CFR. One transaction for 63% concentrate ore was reportedly concluded for $66-68/ton. Just a week ago, transactions for similar product were being concluded at $60-63/ton CFR.
The local prices of 65% concentrate
iron ore in Chinese markets vary between RMB 580-780/ton ($72-96/ton) currently. A week ago, the price of the same
iron ore was in the RMB 550-780 ($68-96/ton) range.
The beginning of the monsoon season in
India caused a decrease in ore exports to
China. Meanwhile, both the prices of steel in
China's markets and the prices of imported
scrap increased. Therefore, the demand for
iron ore picked up.
Ore traders in
China are reluctant to sell from their stocks, as they believe that they will be able to hike their prices more towards the winter. Therefore, they continue to import ore from
India despite the recent increase in prices.