28th, Ministry of Commerce issued "the first three quarters of steel and raw material analysis report" which indicated Chinese steel exports of this year are expected over 43 million tons, imports shall be about 16 million tons,the annual net exports of crude steel is expected to exceed 25 million tons. Crude steel output will maintain the level of 630 million tons.
The report noted that China's dependence on foreign iron ore continued to fall. In the view of monthly imports , iron ore imports in March of this year is up to 59.01 million tons, then began to decline, a slight rebound in July. The continued increasing in domestic iron ore production is from the rising cost of imported ore, but because of low grade for domestic iron ore, owning to iron ore blast furnace grade limited to domestic requirements, domestic iron ore production continue to increase is limited.
Taking into account the three mines decreased in the fourth quarter and the current price of sea freight, mining agreements price in the fourth quarter is about CIF 140-150 U.S. dollars / ton, this would have a certain support for steel prices.
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