Chinese mills start to receive Q3 iron ore offers from big three miners.
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According to an official at a large-scale steel producer in central China, several domestic mills have received iron ore quotations for the third quarter from the big three global iron ore mining giants, Rio Tinto, BHP Billiton and Vale.
The price levels in question are reported to be mostly at the same levels as in Q2 or down slightly by $1-2/mt. Accordingly, Q3 quotations of 62 percent BP fine ore from Australian miner Rio Tinto are standing at about $177/mt CIF, while Q3 quotations of 66 percent fine ore from Brazil-based Vale are at about $198/mt CIF. Iron ore offers from Australia's BHP Billiton to Chinese mills are at about $175/mt CIF.
In addition, current ex-India quotations of 63.5 percent fine ore are at $178-180/dry metric ton CIF China, down $10/mt compared with early May.
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