The price difference between high and medium-grade ore expanded sharply last week, while that between medium and low-grade ore narrowed. Taking Qingdao Port as an example, the price difference between the mainstream high-grade ore (IOCJ) and medium-grade ore (PBF) expanded by 11 yuan/mt to 104 yuan/mt last week from a week ago, while that between medium-grade ore (PBF) and low-grade ore (SSF) narrowed by 2 yuan/mt to 131 yuan/mt.
Although there was news in Hebei last week that the mines in Chengde, Hebei had resumed production, the actual production of concentrates in China has not increased. Meanwhile, it has been nearly two months since Tangshan implemented environmental protection and production restrictions, and steel mills have relatively strong demand for imported fines, which supported the price of high-quality IOCJ. The short-term supply of domestic concentrates will be tight.
Bigger price gains for raw materials than steel prices will narrow profits of steel mills. It is expected that steel mills' demand for low- and medium-grade products will increase. Considering that the inventory of low- and medium-grade products is relatively abundant, the impact on prices will be relatively small. Price spread between high and medium-grade ore will narrow this week. That between medium-grade and low-grade ore is expected to be stable.
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