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Weekly Report of China Iron Ore Market for March 20-27, 2020

  • China China  
  • Last Updated:
    Posted on: 24 Jul 2020

  • Buying Frequency: Weekly
  • Payment Terms: T/T

RFQ Details

By Mar.27, 2020, SteelHome (China) Raw Materials Price Index (SHCNMI) was 121.34 points, down 2.4% on week; iron ore price index (SHCNOI) was 126.87 points (779 yuan per ton), down 1.99% week-on-week; domestic iron ore index was 116.36 points (818 yuan per ton), down 0.77% from the last week; imported iron ore index was 86.17 dollars per ton, down 2.78 dollars/t week-on-week.
Affected by the outbreak of COVID-19 overseas and dramatic turbulence in the international financial market, the seaborne iron ore price sharply fluctuated during the week. Though South Africa, India and other countries have imposed lockdown policies, there will be little impact on iron ore production and shipments during the period. Meanwhile, iron ore shipments from overseas miners, especially that from Australia, to China may increase as steelmakers in Europe and CIS have reduced or halted production amid dropping steel price.
Due to the rising blast furnace operating rate and iron ore port inventory still at a low level, SteelHome considers that seaborne price for imported iron ore may fluctuate at around 85 dollars/t in the near term.
According to China Customs, China iron ore import in the first two months combined was 176.844 million tons, with an increase of 2.571 million tons or up 1.5 percent from the same period last year. Average import price was 90.8 dollars per ton, up 12.1 dollars per ton on year and up 3 dollars per ton from the one in December 2019.

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