During the week ending July 10, prices of imported iron ore in China have continued to follow a slight uptrend, while at the same time traders' offers of domestic production iron ore in Tangshan and Liaoning have remained stable. Transaction activity for both imported and domestic iron ore has continued to indicate further improvement.
At present, Indian fine ores of 63.5 percent grade are offered at $111.1/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $106.2/mt and prices of the same material are at $89.9/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.
During the given week, inquiries for spot iron ore materials at China's ports have increased and have resulted in a further rise in transaction activity. Confidence among traders has improved and so they have increased their offer prices for imported ore. Increased optimism and the greater stability of domestic finished steel prices are among the main factors providing support for iron ore prices in China. It is expected that imported iron ore prices in the Chinese market will see further rebounds in the coming week, thereby also helping to push up prices of domestic production iron ore.