At present, Indian fine ores of 63.5 percent grade are offered at $143.1/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $128.6/mt, and prices of the same material are at $107.7/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.
The international mining giants are optimistic on the prospects for iron ore prices in 2013 due to expectations of increased infrastructure growth in China next year. In the meantime, the rebounds in prices of billet and finished steel in northern China have provided support for the increase in iron ore prices. However, order volumes from domestic steelmakers have been on a downward trend, reflecting the mills' cautious approach towards higher iron ore prices.
It is thought that iron ore prices in the Chinese market may edge up slightly in the coming week.