As of December 3, the Xinhua-China Iron Ore Price Index for imported iron ore with 62 percent iron content was at 67 points, up two points compared to November 26. Meanwhile, the Xinhua-China Iron Ore Price Index for imported iron ore with 58 percent iron content was at 59 points on the date in question, up two points over the same period, as announced by China's Xinhua News Agency.
During the week ending December 3, finished steel prices in China mostly continued to move on a decreasing trend, exerting a negative impact on import iron ore prices. However, market sentiment has improved after the meeting between Chinese President Xi Jinping and his US counterpart Donald Trump resulted in a freeze on new tariffs and an agreement to hold further talks. The import iron ore market has started to see an improvement on December 3. It is expected that import iron ore prices will move sideways in the coming week.
