In the end, the mine did not dare to “go to the dustâ€. In the fourth quarter of this year, the price of iron ore will usher in its first price cut in a year.
China Investment Advisory Network News According to the British Financial Times yesterday, the decline in steel production forced the world's three major mining giants - Vale (Vale) and British-listed Rio Tinto and BHP Billiton to supply for its supply contract. discount.
Reported that the final price will be announced today, due to the use of different price formulas, the prices of mining companies will be different. Vale and Rio Tinto’s quarterly contract is based on the 3-month average spot price quote for the end of the first quarter of the new quarter. BHP Billiton uses other systems, including one-month and two-month average prices.
Iron ore and coking coal costs are not only critical to the global economy, but also to the profitability of the two largest heavy industry industries in the world, mining and steel manufacturing, due to the price of steel and daily commodities.
Many mining company executives and analysts estimate that iron ore prices will fall by 10% to 15% in the fourth quarter, coking coal prices will drop by 5% to 10%, and falling prices will depress steel prices, or increase the steel producers' Profit rate.
Reuters yesterday quoted a report from the Japan Economic News on the 29th that BHP Billiton has set a price of US$215 per ton for Japanese steel companies in October-December, which is lower than the US$225 in the previous quarter, but Japanese steel companies demand more. Big price cuts.
Yesterday, Ma Guoqiang, general manager of Baoshan Iron and Steel Co., Ltd., also stated at the online briefing on the company's 2010 semi-annual results that it is expected that the prices of major raw materials such as iron ore will remain high in the second half of the year. The cost of iron ore will be higher in the fourth quarter than in the third quarter. Declined.
Ma Guoqiang said that at present, Chinese steel companies are still negotiating with mines.
It is noted that even after this latest price drop, iron ore prices will remain nearly 120% higher than last year's level.
In April this year, when the price of iron ore soared by 95% to 105%, the new pricing mechanism replaced the original benchmark system for the 40-year-old annual pricing negotiation. However, Chinese steel companies did not accept it. Currently, it has been on a quarterly basis. Price settlement.
In the third quarter of this year, benefiting from the rebound in domestic steel prices, some Chinese steel mills began to increase production, and the price of iron ore and coking coal increased by 20% to 30%.
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