Driven downturn in the steel market panic, iron ore prices continued to fall, Platts 62% iron ore index has fallen below $ 120 an important juncture. The data show that since mid-July, the imported ore price has dropped to the low of the past two years.
 
Futures Daily Reporter understand that the iron ore port stocks last week for the fourth consecutive week of increase in the number of the country's 30 major ports iron ore stocks at 98.52 million tons, up 600,000 tons from the previous week, weekly chain growth of 0.61 percent, an increase of magnified.
 
In this regard, said the steel industry, the terminal needs to pick up weak, which to some extent, inhibit the demand for iron ore imported ore prices downward trend in short-term there is no power to reverse. Recently, there have been rumors that the domestic steel mills may be a wide range of maintenance, if this rumor is true, would mean the late steel mills for iron ore demand will further decline is expected this week, the total inventory of the port ore still on an upward possibility.
"In Chinese steel market cold case, the world's major iron ore suppliers, not only failed to cut production, but have substantial expansion of the international iron ore market will most likely transferred from a seller to a buyer's market." Beijing iron ore Stone Exchange, sources said, the price of iron ore is still room for downward adjustment of 100-150 yuan / ton.
 
In the case of iron ore prices continue to decline, the reporter noted that a number of small and medium-sized iron ore traders have begun to lose money cleaning up inventory, shipping realizable. Industry insiders say, to reduce the risk of loss has become small traders no choice. "In the past two weeks, the iron ore prices have fallen to the lowest level in nearly eight months since, the small and medium-sized traders in the procurement of iron ore prices are mostly $ 135 / ton, should loss of the majority of traders Paohuo business community iron ore analyst Kai Chen told reporters that the steel market in the doldrums, in the case of weaker demand, it is expected that iron ore prices to the end of this year is hard to change the tide. Under the dual pressure of difficult industry prospects weakening and capital operation, a number of small and medium-sized traders can only choose to shipping to reduce losses.
 
Kai Chen said that although he saw the empty iron ore trend of late, but in the case of Platts 62% iron ore index fell below $ 120, not much room for iron ore prices continue downward. China's steel industry required more than 50% of the iron ore imports. Ore price fell below $ 120, the three mines is likely to consolidate their monopoly position to take some remedial measures, such as a moderate reduction in yields, which will help stabilize the price of iron ore.



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