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Statistics show that the number of imports has declined for three consecutive months. At the same time, domestic iron ore has increased sharply for four consecutive months. In May and June, it has created a record high for two consecutive months. The output of raw ore has exceeded 90 million tons and 100 million tons. pass. In June, the output of domestic raw ore was as high as 101.55 million tons, up 21.9% and 11.5% year-on-year and quarter-on-quarter respectively. This also makes the proportion of imported iron ore in China fall to the lowest level since the financial crisis in June - 55.8%. In September 2009, the proportion of imported iron ore in China's total iron ore was as high as 88.3%.
According to the analysis of the joint metal network, in the situation of low market and high inventory of steel mills, the advantage of Chinese domestic iron ore is that the quantity of each purchase can be reduced to a low point, and the minimum can be 1000 tons to 2000 tons. Steel enterprises are in the absolute buyer's market for many small domestic mines, which can delay payment for several months, and the pressure on imported iron ore is much smaller. It is expected that the proportion of imported iron ore in July may continue to decrease slightly, dropping to 54%-55%. In the third quarter of 2010, domestic mines may even reach half of the level with imported ore. After the domestic raw ore output has exceeded 100 million tons, there is almost no suspense to continue to create new highs.
From the price point of view, only when the CIF price of imported iron ore of 63% is 85-90 USD/ton, the imported ore can be equal to the cost of domestic iron ore. However, as far as the current import price is concerned, it is still far from this level. Yesterday, the 63% grade Indian powder mine price exceeded US$135/ton.
-related news
Announced annual production bulletin 60% of Western Australian iron ore sold at short-term prices
Mining giant BHP Billiton announced its annual production bulletin as of June 30, 2010. The company's iron ore project has an annual production of 125 million tons, of which Western Australia's iron ore output has a record for the tenth consecutive year, and Western Australian iron More than 60% of ore shipments are sold in short-term prices, and less than 40% are priced according to annual agreements.
BHP Billiton said that in the second half of the fiscal year, the short-term pricing system based on the spot market largely replaced the original benchmark pricing system. Not only iron ore, but also other raw materials for the steel industry, coking coal has replaced the annual agreement with short-term agreements. BHP Billiton said that this change has made most of the company's bulk commodities (iron ore, manganese, coking coal and thermal coal). The price is closely linked to the market price. The company expects that Western Australian iron ore will be priced on a short-term basis.
The industry believes that the three major mines have abandoned the long-term mines and turned to flexible ore pricing mechanisms, such as quarterly pricing, monthly pricing or even spot pricing. For steel companies, they still hope for a more stable pricing mechanism. According to Baosteel's recent disclosure, so far, the long-term price of domestic steel mills and the Big Three in the third quarter has not yet been determined, and it is expected that it will not be available until the end of July and early August.
China's iron ore output exceeded 100 million tons of imported ore proportions fell to 55.8%
According to the latest data from the National Bureau of Statistics, China's domestic raw ore output in June exceeded 100 million tons, reaching 101.55 million tons.