During the week ending March 24, prices of imported lump ore in China have indicated sharp declines, while prices of imported iron ore fines have mostly moved on a sideways trend, with transaction activity for imported iron ore better than in the previous week, though still on the slow side. At the same time, traders' offers of domestic production iron ore in Tangshan and Liaoning Province have remained on a stable trend.
At present, Indian fine ores of 63.5 percent grade are offered at $70.3/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $78.3/mt and prices of the same material are at $62.3/mt in Beipiao, Liaoning, both excluding VAT. Prices of domestic production and imported iron ore in China can be viewed in the SteelOrbis price reports section.
During the week in question, given the soft trend of lump ore prices in China, Chinese steelmakers halted their purchases of lump ore in anticipation of lower prices, forcing traders to lower their lump ore prices further. Last weekend, prices of semi-finished and finished steel increased, boosting the optimism of players in the iron ore market. The rising domestic steel prices will likely provide support for imported iron ore prices. As for the coming week, it is expected that iron ore prices in the Chinese market will mostly move on a stable trend, while a slight rebound is also possible.