During the week ending June 26, prices of imported iron ore in China have generally indicated a stable trend, while at the same time traders' offers of domestic production iron ore in Tangshan and Liaoning have softened slightly. Transaction activity for both imported and domestic iron ore has improved compared to the previous week.
At present, Indian fine ores of 63.5 percent grade are offered at $107.8/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $106.2/mt and prices of the same material are at $89.9/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.
In order to replenish their inventories, domestic steelmakers have stepped up their inquiries and transaction activities, though transaction prices have mostly remained unchanged. Nevertheless, traders state that confidence in the iron ore market has not shown any improvement as the ongoing rainy weather in southeastern China has negatively impacted downstream industries. Although iron ore traders tried to increase their offer prices over the past two days, liquidity tightness on the steelmakers' side meant that their price hike attempt was unsuccessful. It is expected that iron ore prices in the Chinese market will move sideways in the coming week.