During the week ending November 21, prices of imported iron ore in China have indicated minor declines, while the prices of domestic production iron ore have trended up slightly.
At present, Indian fine ores of 63.5 percent grade are offered at $155.2/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $142.2/mt, and prices of the same material are at $120.9/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 the given week, Chinese steel mills have preferred to purchase domestic iron ore rather than imported iron ore as they seek to replenish their stocks, resulting in diverging trends for prices of imported and domestic iron ore. With finished steel prices again moving on a fluctuating trend, Chinese steel mills are anxious to limit their costs and so they have increased their purchases of comparatively low-priced domestic iron ores.
As for the coming week, it is thought that further slight fluctuations may be seen in iron ore prices in China.