Imported iron ore price collapses as a result of steel mills' cold purchasing enthusiasm. At present, the prevailing asking price of Indian fines (6.5% in Fe content) is set at CNY 1,030-1,040 per tonne, Brazilian fines (65%) at CNY 1,160-1,180 per tonne, and Australian fines (62%) at CNY 1,070-1,090 per tonne.
Overseas quotation is also in the downslide. Indian fines (63.5%) is quoted at USD 135-137 per tonne (CIF, China ), and Brazilian fines (65%) is asked at USD 144 per tonne (CIF). Chinese iron ore importers keep wait-and-see attitude, and seldom place the new orders.
Similarly, Chinese iron ore concentrates price inches down due to steelmakers' negative outlook on market development. Take Shandong province for example, local small steel mills announce to lower iron ore purchase price by CNY 40 to CNY 1,050-1,060 per tonne, and other mills are also ready to follow the step.
Shandong ’s iron ore mines do not succumb to a drop of CNY 40 per tonne, saying that CNY 10-20 is within consideration. As we know, big mines in Zibo city tag 65% alkaline fines at CNY 1,140 per tonne (ex-works).
(Source: www.en.steelhome.cn )