China's domestic iron ore concentrate prices rose another 2.2% last week, hitting their highest level since April 7, while domestic suppliers are looking forward to a strong market in September.
Iron ore concentrate price increases, while reaching a four-month high, were very modest as domestic steel prices in China hovered at four- or five-year highs, market sources say.
“Domestic steel prices in China have been hovering over the past two weeks or so, but they have always managed to regain their highs after losing a couple hundred yuan, indicating that domestic steel prices have strong support, although this may be partially oriented on the mood, "commented a sales representative for iron ore in northern China.
The rebound is largely attributable to the latest notification from China's Ministry of the Environment to curb coal consumption by power units and 50% steel production activities in Shandong, Shanxi, Hebei and Henan provinces, as well as Beijing and Tianjin municipalities from November 15 to March 15, in winter months when China faces its most serious days.
With all these factors in mind, Chinese market sources are confident that domestic steel market activity will remain strong in September, supporting all commodity prices, including domestic iron ore concentrates.
Iron ore concentrate prices in China rise to four-month high
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Azovpromstal® 28 August 2017 г. 10:05 |
