Chinese government announced on April 8 of its decision to cut the resource tax on iron ore from 80 percent to 40 percent, effective from May 1 this year. This decision was expected to give some momentum to the declining trend of iron ore prices. However, on the contrary iron ore prices have moved upwards since the beginning of the current week.
Source of offer |
Destination |
Product |
Iron content |
Price ($/mt) |
Daily price change ($/mt) |
Sales term |
PB fines |
62% |
50.5 |
+2 |
CFR China |
||
Brazil fine ore |
65% |
55.5-56.5 |
+2 |
CFR China |
||
Indian fine ore |
63.5% |
52-54 |
+2 |
CFR China |