During the week ending July 19, iron ore prices in the Chinese domestic market have declined significantly under the influence of decreasing semi-finished and finished steel prices.
At present, Indian fine ores of 63.5 percent grade are offered at $155.3/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $139.5/mt, and the price of similar material stands at the level of $112.5/mt in Beipiao, both excluding VAT. Price of domestic production and imported iron ore in China can be viewed in the SteelOrbis price reports section.
With their confidence at very low levels, steel traders have started to sell off their inventories, thus exerting great pressure on the iron ore market. On the other hand, iron ore buyers are still waiting for further decreases in prices. Accordingly, it is expected that iron ore prices in the Chinese market will continue to slide down in the coming week.