While the prices of imported iron ores have been on an upward trend in China in the first seven months of this year, half of the imported iron ore arriving in China in the first half of the year has been reported to be of low quality.
According to Chinese customs data, during the period from January to July the average import price of iron ore has been increasing from month to month. In July, the average price stood at $141.38/mt, far higher than the price of $89.89/mt in January, showing an increase of 57.3 percent. However, a new report issued by China's Import and Export Commodity Inspection Bureau indicates that in the first six months of the current year half of the imported iron ore arriving in China was of low quality. Specifically, 51 percent of imported iron ore failed to meet quality standards in the period in question, according to the bureau.