During the week ending March 22, offers of Indian, Brazilian and Australian iron ore in China have remained unchanged week on week. Meanwhile, the iron ore purchasing activities of domestic steel mills have slowed down slightly, while traders' iron ore import volumes are at normal levels.
At present, Indian fine ores of 63.5 percent grade is offered at $167.7/mt at Qingdao port, while Australian lump ores of 62 percent or 63 percent grade are priced at $172.5/mt. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $150.3/mt, while the prices of the same material stand at $129.7/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 past week, Chinese steel mills reduced their iron ore purchasing activities after replenishing their stocks in the previous week. Meanwhile, supply of iron ore concentrate in the northeastern region is relatively tight, resulting in upticks in prices in that region. Overall, it is expected that iron ore prices in China will continue to see stable movement in the coming week.