During the week ending July 12, the Chinese iron ore market has varied between sideways movement and slight decline. While spot prices of Indian iron ore have remained unchanged, offers of ex-Australia material have registered a slight decrease. At the same time, in Tangshan no changes have been observed in domestic production iron ore prices, though a minor decline has been seen in prices in Beipiao.
At present, Indian fine ores of 63.5 percent grade are offered at $159.8/mt at Qingdao port. Meanwhile, 66 percent iron ore concentrate in Tangshan is offered at $144/mt, while the price of the same material stands at $117.1/mt in Beipiao, both excluding VAT. The prices of domestic production and imported iron ore in China can be viewed in the SteelOrbis price reports section.
The overseas miners now appear more inclined to compromise in negotiations with the Chinese steel mills. However, there is still some discrepancy between the price idea of domestic steel mills and the offers of both domestic traders and overseas miners. In this context, few firm orders are reported in the Chinese market. Against this background, it appears likely that iron ore prices in the Chinese market will move on a downward trend in the coming period.