Iron Ore Market Report May 2011
2011-11-28 14:45:37 【Print】
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Early this month, the price of iron ore in domestic market keeps increasing with markup of RMB30-50/t, and the price of imported iron ore goes up obviously, For example, the price of Indian iron ore fines 63.5% reaches the high level of around USD190/t on CIF basis. However, due to the slow steel market, mills intend to keep the inventory low and do not want to supplement the stock in a large quantity.
In the middle of this month, Baosteel decreases June price of steel products and the billet price is not stable. Considering the rainy season and the traditional dim season of steel products, players keep pessimistic about the future market of iron ore and the trading keeps inactive. The price decreases by RMB10-20/t in the northern part of China. At the same time, the imported iron ore market runs sluggish. Seeing the price decrease of imported iron ore, buyers watch the market. The price of Indian iron ore fines 63.5% is USD183-184/t CFR major Chinese ports on May 20, down by USD3/t per week.
After that, The price of iron ore keeps stable generally in the domestic market. On the one hand, steel mills predict the iron ore price will decrease, so they do not purchase actively. On the other hand, suppliers keep the price firm considering the cost. For the imported iron ore, the price decreases by USD1/t per day. On May 31, the price of Indian iron ore fines 63.5% is RMB177-178/t CFR Chinese major ports. The trading of imported iron keeps inactive and players mostly watch the market. The price is likely to move down again.
In the middle of this month, Baosteel decreases June price of steel products and the billet price is not stable. Considering the rainy season and the traditional dim season of steel products, players keep pessimistic about the future market of iron ore and the trading keeps inactive. The price decreases by RMB10-20/t in the northern part of China. At the same time, the imported iron ore market runs sluggish. Seeing the price decrease of imported iron ore, buyers watch the market. The price of Indian iron ore fines 63.5% is USD183-184/t CFR major Chinese ports on May 20, down by USD3/t per week.
After that, The price of iron ore keeps stable generally in the domestic market. On the one hand, steel mills predict the iron ore price will decrease, so they do not purchase actively. On the other hand, suppliers keep the price firm considering the cost. For the imported iron ore, the price decreases by USD1/t per day. On May 31, the price of Indian iron ore fines 63.5% is RMB177-178/t CFR Chinese major ports. The trading of imported iron keeps inactive and players mostly watch the market. The price is likely to move down again.
