NDRC sees sharp rise in iron ore prices
By Pan Xiaoyi |
May 13, 2010, Thursday
|
Print Edition
Print Edition
CHINA'S National Development and Reform Commission expects iron ore prices to rise "sharply" in May and June while steel prices are seen to fluctuate due to an oversupply situation and the impact of a crackdown on property speculation.
In April, steel prices in 22 Chinese cities jumped 39.5 percent year on year to 5,026 yuan per ton. Meanwhile, prices of imported iron ore from India surged by an annual 136.9 percent last month, NDRC, the top economic planner, said yesterday.
Domestic steel mills are reportedly importing iron ore at temporarily-negotiated prices as they resisted global ore miners' insistence to move to a quarterly-pricing mechanism. They also feared a demand by Vale Sa, BHP Billiton and Rio Tinto for a 100 percent price rise would further erode their already-weak profits.
Baoshan Iron and Steel Co, China's largest listed steel maker, said earlier that it is conducting stress tests to gauge the impact of a possible new pricing mechanisms on its mid- to long-term costs.
In April, steel prices in 22 Chinese cities jumped 39.5 percent year on year to 5,026 yuan per ton. Meanwhile, prices of imported iron ore from India surged by an annual 136.9 percent last month, NDRC, the top economic planner, said yesterday.
Domestic steel mills are reportedly importing iron ore at temporarily-negotiated prices as they resisted global ore miners' insistence to move to a quarterly-pricing mechanism. They also feared a demand by Vale Sa, BHP Billiton and Rio Tinto for a 100 percent price rise would further erode their already-weak profits.
Baoshan Iron and Steel Co, China's largest listed steel maker, said earlier that it is conducting stress tests to gauge the impact of a possible new pricing mechanisms on its mid- to long-term costs.
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