August 13,
In less than one month, the Chinese spot prices of domestic Iron ore have regained the $150 per ton level from the trough of $120.
In July, China imported 51.2 million tons of Iron ore, up 4.03 million tons from June. Analysts say the recent rise in Iron ore prices might send some domestic steelmakers back into losses despite recent recovery in steel prices.
The prices of Australian Iron ore have been costlier than any other country except South Africa’s over the past three months. This means Australian mining giants have become more involved in the spot market.
It is said BHP Billiton is approaching steel mills with a new monthly Iron ore price-settling system.
Rio Tinto and Vale are also considering plans to shorten the period of their contracts they will sign with their regular customers to better adapt to the changing market.
Source: India Infoline
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