The price of iron ore imports into China has started to pick up as steel mills replenish stocks after the Lunar New-Year holiday and construction sites prepare to re-open. But cooling Chinese steel demand in the long term means prices may remain under pressure, according to analysts. The China Iron and Steel Association’s China Iron Ore Prices Index put imported cargoes at 231.73 yesterday, up 3.11 percentage points or 1.36% on the day, but down from 232.69 at the end of January. The actual price of 62% Fe product rose some $0.84/t or 1.36% on the day to around $62.59/t CFR yesterday, while 58% Fe cargoes climbed $0.78/t or 1.47% to $53.80/t CFR, according to the index. In contrast, Chinese product prices continued to weaken, with the index falling 0.03 to 229.66 yesterday, down from 231.04 on 31 January. Actual domestic prices remained above those for imports, with 62% Fe product traded at RMB590.96/t ($96.40/t), RMB85.53/t higher than imports, which sold at RMB505.43/t on the spot market.
Copyright:China Iron and Steel
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