China publishes its first iron ore index
October 27, 2011 Category Automotive Metals & Minerals, Minerals
China published its first iron ore price index in order to provide some reference to domestic steel mills, which are the world’s largest buyers. The China Iron Ore Price Index, published by the China Iron and Steel Association (CISA), comprises two sub-indexes to track domestically-produced ore prices and import prices respectively. In the first week of this month, the import price index was at 652.41, down 0.13 point from the previous week, according to CISA. The domestic price index was flat at 455.81 because there was no trading locally during the weeklong National Day holiday. The iron ore index is based on the level of 100 points in April 1994. “We expect iron ore prices to come under downward pressure in the fourth quarter,” a Standard Bank report said. The self-produced price index could give steel mills a guide to their imports. Zhang Changfu, Vice Chairman of CISA, said in August that Chinese steel firms paid USD16 billion more for iron ore imports in the first half of this year because of higher prices.
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