During the week ending February 23, the Chinese iron ore market has continued to be characterized by softness in prices. While offers of Brazilian and Australian iron ore have declined slightly, spot prices of Indian iron ore have remained stable. On the domestic side, prices in the Beipiao market have not changed, while the Tangshan market has seen a further decrease of $3.2/mt in week on week.
At present, Indian fine ores of 63.5 percent grade are offered at $166.7/mt at Qingdao port, while Australian lump ores of 62 percent or 63 percent grade are priced at $168.3/mt. Meanwhile, the quotation of 66 percent iron ore concentrate in Tangshan stands at $147.6/mt, and the price of the same product in Beipiao stands at $128.6/mt in Beipiao, both excluding VAT. Domestic and import iron ore prices in China can be viewed in the SteelOrbis price reports section.
The main reasons for the current softness in iron ore prices in China are lack of confidence and the current weakness of the domestic finished steel market. With the increase in inquiries, it is expected that the Chinese iron ore market will indicate greater stability in the coming week.