Iron Ore Market Report July 2011
2011-11-28 14:45:43 【Print】
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Early this month, Chinese steel prices rebounded sharply. For example, the steel billet price in Tangshan rebounded by RMB110/t in mid-July. Prices of domestic iron ore and imported ore moved up slightly due to the sharp rebound of steel market. However, as the steel price stops moving up and starts to move down in mid-July, the iron ore price will keep stable in the short-term. Downstream producers look on the market and keep cautious about whether the imported ore price continues to move up or not in the future. By late July, Chinese steel market continues to move up. For example, the major steel market in China, Tangshan’s steel billet price continues to go upward by around RMB80/t. the current price of general carbon 150 square billet is at RMB4, 460-4, 480/t VAT included Ex works with reasonable movements. Meanwhile, the iron ore market remains tight in supply and the price of domestic ore moves up by RMB10-30/t. As for imported ore, the price moves up slightly after around 10 days’ stability. The price of Indian iron ore fines 63.5%min is at around USD184/t CIF, up by USD1/t compared with that of early this week. Meanwhile, some suppliers offer at USD186/t CIF, but the market is inactive and more steel mills take wait-and-see attitudes at such high price level.
