Sluggish demand for imported iron ore in Australia is likely to give up the sea-freight Compensation – iron ore – machine tool industry
Yesterday, sources said that Chinese small steelmakers will accept Rio Tinto iron ore prices 95% of annual requirements. However, Rio Tinto said yesterday that the iron ore price negotiations continue, the China Iron and Steel Industry Association, who also denied the claim. Analysts believe that macro-control measures to change the mentality of imported iron ore market, buyers and sellers, the Australian mining may eventually give up the ocean freight compensation, 65% increase starting price.
Some analysts believe that the domestic small and medium steel mills agree higher iron ore prices may increase Rio Tinto agreed to the introduction of the "Year of a quasi-spot contract" price follow the market. The industry also said that at present a long association talks will not end quickly, the Chinese side also can not accept 95% of the increase.
2008 iron ore imports since the second quarter led directly to the market supply and demand fundamentals continued weakness in: 1-4 months of 2008, China imported iron ore in a single month record for the number 3, this year the import conversion capacity will reach 460 million tons, compared with 20% growth in 2007, of which China's imports of iron ore in April totaled 42.84 million tons, up sharply from last month 20%, Brazil, Australia, the import volume growth rates are 12.7% and 11.14%, India's ore imports blowout, reaching 12.55 million tons, increased 42.3% compared with March, but China's iron ore demand growth from January to April was only 10%.
5 mid-Development and Reform Commission, Ministry of Commerce, General Administration of Customs jointly issued the five ministries, "the Port in order", part of the port began to increase fees ore stockpiles, Steel Association has also issued measures to lower the Hong Kong deposit require Enterprise storage of iron ore on its own to clean up the port, saying the circumstances are serious hoarding reselling business, will suspend or cancel the eligibility of imported iron ore.
Analysts believe that macro-control measures in imported iron ore market has not only changed the mentality of buyers and sellers, but also indicates that after the disastrous earthquake, the state began to intervene in the Australian iron ore price negotiations, Australia finally abandoned mine ocean freight compensation, 65% increase starting price likely.
In addition, the May 30th Council of Ministers proposed a reform to the Indian iron ore export duty proposal, the proposal will be a ton of iron ore export tariffs from 300 rupees (seven U.S. dollars) to the FOB price by 15% levy This tariff will increase by 100%, the proposal eventually passed by Parliament, on the spot market will have a significant impact. Insiders pointed out that earlier a similar proposal by the end of February, India announced in 2008 budget does not cover, a few months later, a similar proposal may still lag behind.
Current spot market, 63.5% of the CIF price for Indian ore powder 180-182 U.S. dollars / ton, the chain fell 10 U.S. dollars / ton, a drop of 6-7%, low-grade ore prices fell more than 10%.
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