During the past week ending July 5, the Chinese iron ore market has moved on a sideways trend. However, a slight decline of $1.6/mt was seen in offers of ex-Australia PB fines as compared to the previous week.
At present, Indian fine ores of 63.5 percent grade are offered at $159/mt at Qingdao port. Meanwhile, the quotation of 66 percent iron ore concentrate in Tangshan is $144/mt, and the price of the same grade product stands at $118.7/mt in Beipiao, both excluding VAT. Prices of both imported and domestic production iron ore in China can be viewed in the SteelOrbis price reports section.
In the given week, both steel mills and iron ore traders have been adopting a wait-and-see policy. With scarce offers from iron ore suppliers, steel mills have also been reluctant to conclude new purchases. It is expected that iron ore prices in the Chinese market will maintain their sideways trend in the short term.