During the week ending November 7, upticks have been witnessed in the overall Chinese iron ore market, while transaction activity has not indicated any improvements yet. Influenced by the upward movement of prices of imported iron ore, the prices of domestic production iron ore have rebounded slightly in the given week. Accordingly, the prices of domestic ore in Tangshan and Liaoning have increased by $1.6/mt week on week.
At present, Indian fine ores of 63.5 percent grade are offered at $156.9/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $138.9/mt, and prices of the same material are at $117.6/mt in Beipiao, both excluding VAT.
Traders have been seeking to push up their prices of iron ore following the unexpected uptrend in the domestic finished steel market over the past week. However, steel mills have been unwilling to purchase at the higher price levels. Although miners are trying to raise iron ore prices, most market players think that the rebound in the finished steel market may not last long and that, as a result, a significant increase in iron ore prices is unlikely to be seen. It is thought that iron ore prices in China will likely remain on a slight uptrend in the coming week.