SHANGHAI, Jun 5 (SMM) –The price difference between high and medium-grade ore narrowed slightly last week, while that between medium and low-grade ore expanded a little. Taking Qingdao port as an example, the price difference between mainstream high-grade ore (IOCJ fines) and medium-grade ore (PB fines) narrowed 8 yuan/mt to 96 yuan/mt, while that between PB fines and low-grade ore (super special fines or SSF) expanded 3 yuan/mt to 122 yuan/mt. The cost performance of IOCJ fines and SSF was not as good as that of medium-grade ore, thus steel mills reduced purchases of the former.
At present, the supply of various types of iron ore at domestic ports is relatively sufficient. Steel mills will still favour medium and low-grade ore as their profits tend to shrink further in the off-season. The price discounts of SSF have expanded in June. As such, the prices of medium and low-grade ore may outperform those of high-grade one.
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