At present, Indian fine ores of 63.5 percent grade are offered at $70.3/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $78.3/mt and prices of the same material are at $62.3/mt in Beipiao, Liaoning, both excluding VAT. Prices of domestic production and imported iron ore in China can be viewed in the SteelOrbis price reports section.
During the given week, domestic steelmakers have not been in a hurry to purchase iron ore, instead seeking to put pressure on prices, resulting in larger declines in imported iron ore prices. However, domestic miners have not totally resumed their production operations yet, while traders' inventories of domestic ore have diminished somewhat, thus providing support for the stability of domestic ore prices. Meanwhile, domestic finished steel prices have been showing greater stability, thereby also providing support for iron ore prices. It is thought that iron ore prices in the Chinese market will likely move on a stable trend in the coming week, though some slight fluctuations may also be seen.