June02, 2011
The third quarter's iron ore prices offered by the big three suppliers, namely, Vale, Rio Tinto and BHP Billiton, to China's steelmakers have seen a drop of an average of $1.5 per metric ton.
Clearly, this is good news for Chinese steelmakers. However, ongoing power shortages may dampen steelmaker output, but help prop up the steel price.
By May 30, the iron ore stock at China's 25 seaports was at a high level – 93.07 million tons, up 610,000 tons week-on-week.
Analysts said steelmakers are likely to put off iron ore orders as they expect prices offered by the big three to be further cut.
source Global Times
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