China: iron ore import prices too high

Original article by Michael Smith
The Australian Financial Review – Page: 13 & 16 : 8-Jul-19

The price of iron ore for delivery to China recently peaked at $US126 per tonne. However, the iron ore price retreated on 5 July after the Chinese government indicated that it could intervene after the nation’s steel mills claimed that futures traders are manipulating the iron ore market. The China Iron & Steel Association’s vice-president Qu Xiuli is said to have indicated that the government intends to address ‘irregularities’ that have been identified by the nation’s steel makers. The reports prompted a sharp fall in the share prices of BHP and Rio Tinto.

CORPORATES
CHINA IRON AND STEEL ASSOCIATION, BHP GROUP LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG, MYSTEEL.COM LIMITED, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE

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