During the week ending October 11, prices of both domestic production and imported iron ore in China increased slightly amid improved market confidence. As compared to one week ago, offers for Indian, Australian and Brazilian iron ore have on average increased by $6/mt.
At present, Indian fine ores of 63.5 percent grade are offered at $138.5/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $133/mt, while prices of similar material are at $108.3/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 anticipation of a new round of replenishing activity after China's National Day holiday (October 1-7), domestic iron ore traders have taken this opportunity to raise their offers. However, steel mills do not show great interest in concluding new purchases in view of the high inventory levels built up before the holiday. Although the volume of inquiries has increased somewhat, mills have not concluded any large bookings. In the short term, iron ore prices in China are expected to trend sideways or slightly upward.