= Price gap between imported ore (including tax) and domestic ore expands to about RMB 55 =
According to China Iron & Steel Association (CISA), China Iron Ore Price Index (CIOPI, April 1994=100, 62% Fe content) for the second week (10 - 14) of September 2012 turned out to be 358.33 with a decrease by 17.58 points (4.7%) from the previous week, which hit the lowest level since CISA started to announce CIOPI from September 2011 for four consecutive weeks. Domestic iron ore (concentrate, 62% Fe content) index decreased by 5.73 from the previous week to 317.37. Average price of domestic iron ore was RMB 816.66, down RMB 14.73 (1.8%), same.
Imported iron ore (fines, 62% Fe content) index was 380.67 with a decrease by 24.05 points, same. The price of imported iron ore was CFR US$102.82 per tonne, down US$6.50 (5.9%) or RMB 761.70 per tonne (including tax), down RMB 69.34 (6.1%). The price of imported iron ore was below that of domestic iron ore for four consecutive weeks. Price gap between imported one and domestic iron ore expanded to RMB 54.96. On the other hand, fine (62% Fe content) price at the spot market turned up to approximately US$106-107 (CFR China) per tonne at the beginning of this week after having bottomed out at approximately US$90.
Source:tex report