Prices for steel and iron ore to drop further - MOC

According to Ministry of Commerce prices for steel products and iron ore in domestic market have slumped, and are expected to drop further in a short term. Industry insiders forecast iron ore price is likely to return to a rational level.

Statistics from MOC show average price of iron ore in September end fell 12.4% from August to CNY 1200 per tonne. Prices in Hebei's Tangshan and Liaoning's Chaoyang lost 11.3% and 15.2% respectively from a month earlier. Besides, diving freight rates knock down iron ore price at ports. 62.5% Indian iron ore was offered at CNY 1000 per tonne at Tianjin Port on September 26th down 23.1% compared with August end.

Insiders disclose along with sliding steel price, iron ore price has decreased by nearly CNY 700 per tonne and may go on sagging.

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