The iron ore prices are expected steady for March due to steel prices calm down gradually in China’s market. It could be a risk for iron ore stockers in China as a result of storing a mass of stock.
According to data, the China’s imports of iron ore were around 68.97 million tons in January, up by 47.9% from a year ago.
Market insiders indicated that the hiking import was driven by expectation from most iron ore stockers, who believed the extreme weather in Australia and Brazil, and serious inflation in China would make the iron ore price keep boosting.
Therefore, the iron ore stock in Chinese main seaports has lifted around 8 million tons to 88.46 million tons in early January.
However, the steel prices have been down by roughly RMB50~RMB60/ton since the middle of February in China. It will affect the trend of iron ore price directly in the steel market.
News Date 2/21/2011 11:36:00 AM reported by Vince
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