During the week ending August 16, domestic production iron ore prices in the Chinese market have moved sideways, while import iron ore offers have accelerated their downward trend.
At present, Indian fine ores of 63.5 percent grade are offered at $135.6/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $132.5/mt, with the price of the same product at the level of $108.8/mt in Beipiao, both excluding VAT. Domestic production and imported iron ore prices in China can be viewed in the SteelOrbis price reports section.
As Chinese steel mills are not active in purchasing iron ore materials amid the current uncertain environment, overseas iron ore suppliers have cut their offers in order to attract orders. As regards domestic production, due to reductions in output, prices of domestic iron ore have remained relatively firm. Amid the weak market situation, it is thought that the Chinese iron ore market will not recover in the short term.