China's iron ore import prices rose in September

On October 13, according to customs statistics, China's cumulative import of ore was 510 million tons from January to September 2011, an increase of 11.1% year-on-year. In September, China imported 60.57 million tons of ore, which was a year-on-year increase of 15.15% and a year-on-year increase of 1.48 million tons. The average unit price of imports was US$175.92, an increase of 1.47% compared with the previous month, a record high.

According to the inventory data monitored by the Shinkansen Shinkansen, as of September 30, China's major ports imported iron ore inventories of 96.8 million tons, an increase of 31.15% over the same period of last year, and it is also at historically high levels.

The Nishimoto Shinkansen believes that since September's import of iron ore was mainly due to the arrival of high-priced contracts signed in July and August, coupled with the agreement that mine prices were high in the third quarter, the average import price of iron ore hit a record high in September. After entering mid-to-late September, with the sharp decline in domestic steel prices, steel mills have generally delayed the purchase of iron ore, and the price of imported iron ore has also turned into a downtrend channel.

After the National Day, the price of imported iron ore accelerated. At present, the price of 63.5% of India's fine-grade Indian ore fines has dropped to 172 USdollars/ton, which is a drop of US$8/ton from the prices before the holiday. It is expected that in October China's imports of iron ore may fall in volume and price.