August 18,
Quarterly pricing iron ore indexes, and swap contracts have brought more and more financial institutions and speculators onto the iron ore market, adding to new uncertainties for the price of the major raw material for steel production.
General Administration of Customs (GAC) forecast iron ore prices to rise further in the third quarter, which, together with the low prices of steel products, will put Chinese steel mills into very difficult situations.
GAC also said that China’s iron ore imports from new sources such as ASEAN countries and Iran have grown substantially, despite the fact that Australia, India and Brazil remain the major iron ore exporters to China.
Leave a Reply