Chinese steel mills chase low grade ore, discount at 2.5-year-low
Appetite for iron ore is switching to low-grade products,” Li Qiangdu, general manager at Shandong Steel International Co, told an industry conference in Qingdao last week.
“That will push prices higher and lead to shortages of some (low-grade) products.”Prices of low-grade 58% iron-content ore for delivery to China [SH-CCN-IRNOR58] have already surged 72% so far this year, while 52% ore, which comes mainly from small miners in India and Indonesia, has nearly doubled since the beginning of this year.
By contrast, 62% ore is up 36 percent and 65% ore has risen 32%.
https://www.reuters.com/article/us-china-ironore-graphic/chinese-steel-mills-chase-low-grade-ore-discount-at-25-year-low-idUSKCN1TD0NZ
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