At present, Indian fine ores of 63.5 percent grade are offered at $64.4/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $77.3/mt and prices of the same material are at $61.2/mt in Beipiao, Liaoning, 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, oversupply and the arrivals of low-priced iron ore into the market have contributed to the decreasing trend in the iron ore market in China. Steelmakers' replenishments have provided some support for transaction activity in the given week. The declining trend in the domestic finished steel market has weakened sentiment in the iron ore market, thereby also contributing to the soft trend of iron ore prices. It is expected that iron ore prices in the Chinese market will continue the decreasing trend in the coming week.