Prices inflates up in Chinese iron ore market_Iron Ore

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Prices inflates up in Chinese iron ore market

作者：1 发布时间：2010-04-14 文字大小：【大】【中】【小】

Price increases rapidly in Chinese iron ore market this week. However, demand remains steadily strong from steelmakers.

80-90% prices rise for iron ore under long-term agreements may be the main reason behind the increase . Besides, the Chinese government has restricted import of iron ore with less than 60% Fe content thus cutting off supplies from roughly 80% Indian producers. This move has hit especially hard the exporters of the West Indian state of Goa.

The latest transaction prices for Indian 63.5% Fe material have been $172-174/t c&f ($146-147/t fob), by $10-11/t higher than a week ago. Occasional bookings have also been made at $180-185/t c&f.

Meanwhile, supply from Brazil has started to rebound although it remains limited at the moment. Bookings of Brazilian material (64.5% Fe) have been made at $175-180/t c&f ($167-172/t fob), by $2-3/t higher than in early April.

Supply from Australia has not been high either. A few deals have been made at $175-182/t c&f ($165-172/t fob), which is by $10-13/t higher than in early April.

Market participants expect the prices to continue rising and to gain at least $10/t in case of the Indian iron ore. Besides, prices for the raw material with high Fe content are forecast to jump soon.