Chinese iron ore market moves on an upward trend

In the past week, the Chinese domestic iron ore market has been characterized by upward movement. Australian and Brazilian iron ore import prices have increased by a larger margin than Indian iron ore prices, while prices of domestic iron ore have risen by RMB 20-40/mt ($3.17-6.35/mt) in the given week.
 
As of February 2, the price of Indian 63.5 percent fine ore at Qingdao Port stands at $167.7/mt, while the price of Australian 62-63 percent lump ore is $170.9/mt. Meanwhile, in the Tangshan area the price of 66 percent iron ore concentrate is now $153.7/mt, while in Beipiao the price of the same material stands at $128.4/mt. Import and domestic iron ore prices in the Chinese market can be viewed in the SteelOrbis price reports section.
 
In the first week after the Chinese New Year holiday, activity in the Chinese iron ore market has been gradually increasing, while offer levels have also risen. In view of increasing demand, international miners are raising their offers. On the other hand, the Chinese steel mills are adopting a cautious approach. Supported by traders' optimism, it is expected that iron ore prices in China will maintain their strong trend in the week ahead.