In November this year, import iron ore prices in China indicated a sharp decline as China's finished steel production was restricted due to the Asia-Pacific Economic Cooperation (APEC) meeting held in Beijing. It is expected that import iron ore prices will follow a slight downtrend in the coming period in line with colder winter weather conditions, as stated in a report issued by the China Iron and Steel Association (CISA) on December 5.
At the end of November this year, the China Iron Ore Price Index (CIOPI) stood at 255.64 points, down 27.90 points or 9.84 percent month on month. In particular, the domestic production iron ore price index stood at 252.36 points, down 12.96 points or 4.88 percent month on month, while the imported iron ore price index stood at 257.13 points, down 34.65 points or 11.88 percent month on month, indicating a sharp decline in November following the rise in October.
In November, the average China Iron Ore Price Index (CIOPI) was at 268.50 points, down 19.46 points or 6.76 percent month on month. In particular, the average domestic production iron ore price index was at 258.85 points, down 7.94 points or 2.97 percent, while the average imported iron ore price index stood at 272.87 points, down 24.66 points or 8.29 percent, both month on month.
Meanwhile, the composite steel price index (CSPI) for the Chinese domestic market was at 85.29 points at the end of November, down 1.11 points or 1.28 percent month on month, indicating a downtrend after a temporary rising trend in the previous month, while remaining below 100 points for the 14th consecutive month, and so there is still a lack of solid support from steel prices for iron ore prices. Since winter is the off-season for steel consumption, it is expected that import iron ore prices will continue to follow a slight downtrend.