China's Iron Ore Import Price Down Month-on-Month in Jan-Oct 2014 (Summary)
(China Customs)
According to China customs statistics, in January-October, China's imports of iron ore and concentrates totaled 780 million tons, up 16.5% over last year (YOY); worth CNY 503.59 billion, down 6.6% YOY; average import price at 646.9 yuan per ton, down 19.8% YOY.

Main Causes of the Import Price Drop Month on Month:

(1) Both international and domestic markets had oversupply of iron ore, leading to the price fall.

(2) Domestic steel prices continued to slump, without support for iron ore import prices.

(3) Chinese financial institutions tightened trade financing conditions, with the financing demand lessened, deepening the price fall.

Considerable Problems:

(1) Because iron ore prices have not fallen to overseas enterprises'profit point, international giants will continue increasing output to seize market share.

(2) With CVRD logistics center in Malaysia being launched, international mining giants are accelerating distribution in Asia.

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