| Raw Material - Iron Ore |
| Latest Updates |
Iron ore annual talk difficult on high spot prices
The recent strong spot iron ore market has made the annual iron ore talk even tough, as the negotiation has now entered the crucial period. On Mar. 8th, the offers of 63.5% Indian iron ore fines prevailed at $139-141/t, CFR, the domestic iron ore concentrate in Tangshan posted at Rmb1030/t. Meanwhile, the ocean freight also increased evidently, the BDI climbed to 3242 points on Mar. 5th, about 3.88% higher than a day earlier.
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Iron ore talks still deadlocked
This year's iron ore benchmark talks will not end in agreement any time soon because Chinese steel mills will not accept a price that is higher than what the processed products can be sold for, Deng Qilin, the president of Wuhan Iron & Steel Group, said yesterday.
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Big three miners to request 50% price hike, steel mills in heavy pressure
"The big three iron ore miners are requesting 50% hike for this year's benchmark prices" said an iron ore director from a Chinese major steel mill. Surely, if the request was finally fulfilled, the already difficult China steel industry would be squeezed further.
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