Iron ore prices in China indicated a slight increase in August, as stated in a new report issued by the China Iron and Steel Association (CISA) on September 7.
At the end of August this year, the China Iron Ore Price Index (CIOPI) stood at 206.25 points, up 4.82 points or 2.39 percent month on month. In particular, the domestic production iron ore price index stood at 205.05 points, down 1.24 points or 0.60 percent month on month, while the import iron ore price index stood at 205.65 points, up 5.58 points or 2.79 percent month on month.
For the whole month of August, the average China Iron Ore Price Index (CIOPI) was at 204.46 points, up 10.07 points or 5.18 percent month on month. In particular, the average domestic production iron ore price index was at 205.42 points, down 0.63 points or 0.31 percent, while the average import iron ore price index stood at 204.20 points, up 13.09 points or 6.85 percent, both month on month.
With commemorations to mark the 70th anniversary of China’s victory against Japan now over, production activities of steelmakers in northern China will gradually return to normal levels, which will exert a positive impact on iron ore procurement. However, it is thought that iron ore prices in China will likely indicate downward fluctuations in the coming period against the backdrop of slack demand for steel and the ongoing soft trend of steel prices.