Domestic mills replenish inventories in Chinese iron ore market

Thursday, 03 April 2014 17:30:34 (GMT+3)   |   Shanghai
       

During the week ending April 3, prices of imported iron ore in China have continued their upward trend, with transaction activity for import materials showing an improvement. At the same time, traders in Tangshan have made slight reductions to their prices of domestic production iron ore, while traders in Liaoning have kept their prices of domestic ore stable.

At present, Indian fine ores of 63.5 percent grade are offered at $125.4/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $122.5/mt, and prices of the same material are at $106.2/mt in Beipiao, both excluding VAT. Prices of domestic production and imported iron ore in China can be viewed in the SteelOrbis price reports section.

Steelmakers in China have increased their purchases of imported iron ore in order to replenish their inventories, providing a certain degree of support for iron ore prices. Some iron ore traders have increased their offer prices amid the greater stability of the finished steel market. However, steelmakers are cautious when faced with the rising trend of iron ore prices, given the poor profitability of steel products. It is expected that the overall Chinese iron ore market will move sideways in the coming week. 


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