At present, Indian fine ores of 63.5 percent grade are offered at $145.8/mt at Qingdao port. Meanwhile, the quotation of 66 percent iron ore concentrate in Tangshan stands at $136.3/mt, while the price of similar material stands at the level of $110.9/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.
In the given week, most traders delayed their sales of iron ore, though some small traders were eager to sell off their stocks in order to avoid risks. While import iron ore prices have declined sharply, domestic miners have made relatively smaller downward adjustments in their offer prices. Amid the ongoing downtrend of iron ore prices, domestic steel mills have reduced their purchase volumes. It is expected that iron ore prices in the Chinese market will continue their downtrend in the coming seven days.