WEEKLY: China’s iron ore concentrates prices diverging

China’s domestic iron ore concentrates prices movement diverged in an overall sound market over July 29-August 2, ranging from a weekly decline of Yuan 24/dmt ($3.5/dmt) to a weekly jump of Yuan 40/wmt, as local fundamentals varied by region and domestic supplies are trying to maintain its competitiveness in the market, according to Mysteel’s latest weekly survey.

Over the period, both the offer and transaction prices for 65-66% Fe content concentrates in Northeast China’s Liaoning province continued to rise by another Yuan 30-40/tonne, as local supplies have been on the decline since June when some mining licenses expired while local steel mills have been heavily relying on nearby mining companies