During the week ending November 6, prices of imported
iron ore in
China have continued to indicate a downtrend, with larger declines in particular seen for low Fe-content
iron ore, while transaction activity for imported
iron ore has decreased somewhat compared to the previous week and is now on the sluggish side. At the same time, traders' offers of domestic production
iron ore in Tangshan has continued to soften, while offers of domestic production
iron ore in Liaoning Province have remained unchanged, with transaction activity for domestic
iron ore generally slack.
At present, Indian fine ores of 63.5 percent grade are offered at $89.7/mt at Qingdao port. Meanwhile, quotations of 66 percent
iron ore concentrate in Tangshan stand at $96.2mt and prices of the same material are at $78.3/mt in Beipiao, Liaoning, both excluding VAT. Prices of
domestic production and
imported iron ore in
China can be viewed in the SteelOrbis price reports section.
Domestic steelmakers have been cautious about purchasing imported
iron ore materials in the past week, with this caution contributing to price declines for imported
iron ore in
China, especially for fine ores. In the Chinese market, supplies of high Fe-content lump ore have been on the short side, with prices of lump ore accordingly remaining stable. Previously, traders had been quite optimistic during the peak season in September and October, while in November traders' confidence has started to fade. Meanwhile, the international
iron ore market is characterized by oversupply, which will have a negative impact on prices of imported
iron ore in
China. It is expected that
iron ore prices in the Chinese market will move on a downtrend in the coming seven days especially given the weakness of the finished steel market.