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China Iron Ore Weekly Monitor 20141125

Release time:2014-11-28

Highlights:

Imported ore prices fell sharply last week due to shrinking demand and market misreading that Australia will cancel iron ore export tax. As of last Friday, the SMM Imported Ore Index closed at USD 69.91/mt, down USD 5.88/mt from a week earlier. The Platts Index finished last week at USD 69.75/mt, down USD 5.75/mt. Future spot market was quiet due to increasing shipments arriving. Steel mills reduced purchases on cash flow tightness, leaving overall transactions extremely muted. Some traders held back from selling, so spot price declines were not as significant as future spot. Quotes for PB fines (61.5%) at the Port of Qingdao were RMB 500/mt last Friday, down RMB 15/mt.

Please refer to the Sample at the bottom of this page, and you may download the attachment as well.

Background
The iron ore pricing has always been dominated by the world's top three iron ore producers. As world's largest steel producer and consumer, China, however, has never had a voice in iron ore talks. World's top three mining giants led by BHP expect the financialisation and indexation of iron ore, so that the price is not only determined by supply & demand, but also affected by many other factors.

Industry Trend
The world's top three iron ore producers together raised the iron ore contract prices in Q3 2010, leaving the already sluggish steel market in a worse situation. In contrast, existing prices of domestic iron ores and spot prices of imported ores are well below iron ore contract prices. Contract prices are higher than spot prices. Where do/ will Chinese steel mills go? 
 
Thus, SMM launches China Iron Ore Weekly Monitor which emphasizes on tracing and analyzing the iron ore price and its trend. SMM also issues Iron Ore Price Index based on the prices gathered from domestic iron ore miners directly. Moreover, the integrated research on iron ore import & export, plus the analysis on weekly highlights could help readers to understand China iron ore market comprehensively and allows more accurate prediction of price movements.

Key Features: 
- SMM iron ore fines prices are the direct quote from the iron ore fines manufacturers, which ensures its reliability and timeliness.

- Based on analysis of industry-related macro and micro policies, thousands of telephone surveys, and extensive contact with industry experts, SMM presents the report in a comprehensive and insightful manner. From the prices, supply & demand, import & export, inventories, this report will provide you the integrated analysis on iron ore market trends on a weekly basis, and help you better understand reasons behind any change in the industry.

Core Data: 
Iron Ore Price Index; Import & Export Data; Freight Charges; Port Inventory; Operating Rates, Cost and profit at Iron Ore Fines producers; Iron ore cost in per ton of pig iron.