Based on the statistics issued by the Ministry of Commerce of
China, in the week ending August 5
iron ore prices in the Chinese market rose by 2.2 percent compared to the previous week. This is the fifth consecutive week in which
iron ore prices have trended upwards in
China. Compared with early July, the current prices have increased by 8.4 percent.
In addition,
iron ore inventory at Chinese ports declined slightly during the given week, though supplies of low grade
iron ore are plentiful.
As some insiders pointed out, in the week in question prices of domestic production
iron ore concentrate have soared significantly in the Chinese market, thus narrowing the gap with import prices. Accordingly, domestic producers are becoming more interested in imported
iron ore.