According to the monitoring of the Chinese Institute of iron and steel (CISA), in late November, the Chinese price index for steel (CSPI) was 108.17 points, an increase of 3.67% month-on-month, mainly due to the growth of prices for long products such as rebar and other steel types.
Due to the increase in steel prices, steel production increased, and the intensity of demand for iron ore increased. However, because of the fundamentals of excess supply, the price of iron ore it is difficult to continue to grow in the later period, which will show minor fluctuations.
In November, steel prices in the domestic market has shown a clear upward trend, steel production has also increased the demand for iron ore has increased, the price dynamics changed from decline to growth.
Because the market fundamentals are still in a state of excess supply, the price of iron ore in the next period will continue to grow, and it will slightly oscillate, said the Association.
According to statistics, over 11 months from the beginning of the year, steel production in China rose by 0.65% to 264.67 million tons, with a daily output of pig iron in the 217.55 million tons (an increase of 2.84%).
In late November, the Chinese index iron ore price (CIOPI) stood 319,34 points, an increase of 5.11% compared to the previous month, or by 1.63%.
including: domestic price index of iron ore amounted to 320,56 points, showing a decline of 10.00 points on a monthly basis, or decrease by 3.03%, the price index for imported iron ore amounted to 319,10 points, showing a monthly increase of 7.96 points, or a growth of 2.56%.