Friday, 11 Nov 2011
According to Xinhua latest iron ore price report stockpiles at 25 major ports in China rose 0.69%WoW to 98.43 million tonnes in the week ending November 7.
The price index for 63.5% grade iron ore imports rebounded 2.3% to 131 points in the week after tumbling 13.5% the previous week. The index for 58% grade imports bounced 2.97% to 104 in the week. It lost 7.3% in the previous week.
Xinhua analysts said in the latest iron ore report that a wait andsee approach was prevalent among Chinese steel manufacturers and iron ore traders whose purchasing prices were much higher than the current price on the spot market.
Imported iron ore prices dropped nearly 30% in China in October hitting the lowest level this year amid weaker demand due to the government tightening measures. Seeking new pricing models, the China Iron and Steel Association is now in talks with major international iron ore suppliers Rio Tinto, BHP and Vale.
The report said before Chinese steelmakers reach new agreements with the mining giants on pricing, trading of iron ore will remain weak because it is unlikely for them to significantly increase their buying. It added that current inventory levels can last for one to two months for Chinese steelmakers.
(sourced from Xinhua)
According to Xinhua latest iron ore price report stockpiles at 25 major ports in China rose 0.69%WoW to 98.43 million tonnes in the week ending November 7.
The price index for 63.5% grade iron ore imports rebounded 2.3% to 131 points in the week after tumbling 13.5% the previous week. The index for 58% grade imports bounced 2.97% to 104 in the week. It lost 7.3% in the previous week.
Xinhua analysts said in the latest iron ore report that a wait andsee approach was prevalent among Chinese steel manufacturers and iron ore traders whose purchasing prices were much higher than the current price on the spot market.
Imported iron ore prices dropped nearly 30% in China in October hitting the lowest level this year amid weaker demand due to the government tightening measures. Seeking new pricing models, the China Iron and Steel Association is now in talks with major international iron ore suppliers Rio Tinto, BHP and Vale.
The report said before Chinese steelmakers reach new agreements with the mining giants on pricing, trading of iron ore will remain weak because it is unlikely for them to significantly increase their buying. It added that current inventory levels can last for one to two months for Chinese steelmakers.
(sourced from Xinhua)
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