Iron Ore Prices and Supply Updates, Sept 2011
September 23rd 2011 19:58
The price of iron ore is now becoming unrealistic with transactions for Fe 63.5%/63% is confirmed at US$ 190/MT and the sellers are make fresh offers for US$ 195/MT. This really makes the market more caution after reaching such height when already stocks of around 95 million tons are lying in ports around China.
The mills in China are now increased the use of domestic iron ore and blending it with the imported high grade ore to reduce the costing. The steel market has gone down in China after a week remaining high.
China is world top Iron Ore Producer after Australia and Brazil. Australia was world’s largest exporter of iron ore followed by Brazil in year 2010.
The Australian iron ore mining is mainly located at Western Australia along with in Pilbara Region. The demand for Steel will increase by six percent per annum this year and will increase to fourteen percent in coming year.
Iron Ore prices are expected to fall in coming month due to the extra piling of the stocks in China.
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