Demand for steel falls to lower iron ore transaction prices
China Drying Network News As the demand for steel in China has declined, the prices of iron ore and coking coal, which are the raw materials of steel, have fallen. In July, the spot price of Australian iron ore exported to China was US$111/ton, which was a 14% decrease from the previous month and was the lowest value in nine months. The spot price of coking coal exported to China was US$188/ton, which is higher than the previous month. The monthly decline was 17%, the lowest in 31 months. In June, China imported 58 million tons of iron ore, which is 9% lower than the previous month. On the contrary, port inventory has continued to increase since April and reached 96 million tons in June. The drop in export prices to China will inevitably affect the export prices to Japan. The Japanese media believe that due to the impact of Chinese steel demand and the end of strikes by Australian coal miners, it is expected that Australia’s export coking coal and iron ore prices will continue to decline in the fourth quarter.
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