During the week ending July 31, prices of imported iron ore in China have stopped their downward movement and entered a sideways trend, while at the same time traders' offers of domestic production iron ore in Tangshan and Liaoning have been stable. Transaction activity for both imported and domestic iron ore has remained at poor levels.
At present, Indian fine ores of 63.5 percent grade are offered at $110/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $105.2/mt and prices of the same material are at $89/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.
During the given week, with finished steel and iron ore futures prices ending their declining movement and stabilizing, iron ore prices in the domestic spot market have also entered a stable trend. Chinese steelmakers have not been so active in concluding purchases, maintaining a wait-and-see stance instead, with transaction activity showing no improvement and remaining slack. In recent days, traders of domestic production iron ore have kept their prices unchanged. Meanwhile, though some traders have tried to increase their imported iron ore prices, steelmakers have been unwilling to accept these increases. It is expected that iron ore prices in China will indicate a stable trend in the coming week.