According to the figures released by the China Iron and Steel Association (CISA), at the end of October this year China’s iron ore price index as compiled by the CISA stood at 390.74 points, up 26.18 points or 7.18 percent compared to the end of September this year.
In particular, the Chinese domestic iron ore price index was at 331.44 points at the end of October, up 5.92 points or 1.82 percent month on month, while China’s import iron ore price index was at 423.09 points, increasing by 37.23 points or 9.65 percent on month-on-month basis.
The CISA stated that in October the rebound in China’s iron ore price index was helped by the recovery in the Chinese domestic finished steel market. However, the China’s iron ore price index is now unlikely to indicate any sharp increase as upward movement of Chinese finished steel prices is restricted by oversupply of finished products.