October 12, 2008

The import prices for iron ore in February in Jiangsu reached new records

According to the statistics from Nanjing customs from January to February in 2008, Jiangsu province imported iron ores of 5.737 million tonnes, with a value of USD 870 million in total, up by 22.8% and 1.4 times from the same period in 2007. And the unit price averaged US USD 151.5 per tonne up by 96.3%.

The reasons for the hikes in import prices for iron ores include:
1. The high monopoly in iron ore supply side, and the weakness of domestic steel makers in ores pricing.
2. The continuous rising ocean freight.
3. The quickly rising demand in international market.
4. The tight supply and demand relation in China.