The spot market for imported iron ore this month was first raised and then the overall price was still higher than that in July. According to the "Steel 25 Wind Direction" announced by the business community, the spot price of imported iron ore in Rizhao Port rose by 5.83% in August. As of August 31, the spot price of 62% of the imported iron ore imported from Rizhao Port was RMB 1090/ton.
In August, the domestic steel market price rose, leading to a gradual resumption of production in the previous period, and the iron ore demand increased slightly. In addition, the miners misjudged the sale and pushed the iron ore spot price in terms of demand. In late August, the domestic steel price rose weakly. In addition, the continuous rainy weather in the country made the steel transportation inconvenient and the construction site difficult, which suppressed the upward trend of domestic steel prices. Iron ore lost its downstream support and it also fell. But overall, iron ore prices are still rising this month.
At the end of the month, the price of Shandong Port was temporarily stabilized. At present, the price of 63.5% of the spot price still needs to be around 1150 yuan/ton. The transaction volume is scarce. Most of the price is still the buyer's bid, and the price of pb powder and low-grade printing powder are lowered.
Aftermarket: With the energy conservation and emission reduction of factories in Shanxi, Jiangsu and Hebei, the implementation of production suspension and production restrictions will have a negative impact on the imported iron ore market. It is expected that the iron ore spot market will decline slightly in September.
News: On August 27th, another international mining giant, Brazil's Vale, has taken the lead in announcing plans to cut iron ore prices by 10% in October, from $150 per ton to $135. This is also the first time the iron ore price has been lowered this year. For reasons of price cuts, Vale said that this is mainly due to changes in Chinese demand. Data show that in the first half of this year, China's iron ore imports fell by 25.14% compared with the same period of the previous year, and the import decline continued throughout the second quarter, with June's largest decline in June, reaching 14.72%. The decrease in external dependence of iron ore in China is mainly due to the increase in domestic iron ore production. It is reported that in the first half of this year, China's domestic iron ore output reached 485.03 million tons, an increase of 28.1% year-on-year, while the second quarter increased by 37.61% compared with the first quarter.
On September 2, foreign media quoted Sam Walsh, chief executive of iron ore business of international mining giant Rio Tinto, as saying that iron ore prices in the fourth quarter are expected to fall by about 13.3% from the third quarter. Excluding shipping costs, Rio Tinto expects the price of iron ore in the fourth quarter to drop to $127 per tonne.
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