Posted on 05 Oct 2011
Iron concentrates price dropped slightly in Northeast China’s Liaoning province on September 28.
In West Liaoning , Lingyuan Steel cut their purchase price for 66% concentrates by CNY 30 to CNY 1270-1310 per tonne. The mill expects concentrate price to drop further and therefore is prudent in procurement. Quotations from neighboring miners also lower by CNY 20-30 per tonne on pessimistic outlook on the market. 66% iron concentrates is mainly quoted at CNY 980-990 per tonne (wet basis, 17% VAT excluded).
In East Liaoning , Steel mills also lower concentrates purchase prices. New Fushun Steel cut purchase price by CNY 20 to CNY 1290-1310 per tonne (66%, wet basis, 17% VAT included ). Benxi Steel dose not lower purchase price for the time being because of the low inventory and winter reserve, leaving it at CNY 1335 per tonne (dry basis, bank acceptance).
At present miners' offer of 65% iron concentrates is CNY 900-1000 per tonne (wet basis, 17% VAT excluded) in Fushun and Benxi.
