Mining market is affected by the fluctuation of iron ore price

Last year the crusher market achieved great profits with unstable prices. Mining equipment manufactures believe that there will be still bright or even brighter scope for mobile crushing station, untral fine impact crusher, hydraulic cone crusher or other crushing equipment this year. But by Wednesday afternoon the price had dropped to 760 yuan, and some traders were offering cargoes at 720-740 yuan per tonne by Thursday, he said. 'The mills were really hungry for raw material in the past three days, since many of them were running low on inventory. But now those mills have already bought some cargoes and at a higher price so they're not in a hurry to buy more,' said the second trader.

Iron ore prices surged more than 15 percent from Friday to Tuesday, taking the rate to $100.20 this week, after China's approval of 1 trillion yuan ($158 billion) worth of infrastructure projects raised hopes for a recovery in steel demand. But those hopes quickly faded amid scant details of the projects that involve building highways, ports and airport runways, which are also likely to take years. 'The fundamentals haven't really changed since that news came out. There's still so much supply of steel out there and demand is really slow,' said an iron ore trader in Shanghai.

As we all know that the price of iron ore and copper increased dramatically in last year. And how is this year? Iron ore fell back below $100 a tonne after a three-day rally, prompting sellers to cut price offers on Thursday, after a drop in Chinese steel prices pointed to a market still struggling with slow demand and oversupply. Price offers for imported iron ore in top consumer China dropped by $2-$4 per tonne, according to industry consultancy Umetal, after the benchmark 62-percent grade .IO62-CNI=SI fell 2.1 percent to $98.10 a tonne on Wednesday, based on data from price provider Steel Index.

The inventory of finished steel products among major Chinese steel producers stood at 12.9 million tonnes at the end of June, 34 percent more than the same period a year ago, according to data compiled by Bank of America-Merrill Lynch. Australian 61-percent grade Pilbara iron ore fines stocked at China's ports were being sold at 740 yuan per tonne on Tuesday morning, and went up to 800 yuan in the afternoon, another Shanghai trader said.

China's crude steel output dropped a modest 1.7 percent to 58.7 million tonnes in August from a year earlier, government data showed on Tuesday. For January-August, output is up 2.3 percent at around 482 million tonnes. Many Chinese steel mills have cut prices again amid lean demand after raising them over the past few days, traders said. The price of steel billet in China's key Tangshan area fell by 160 yuan to 2,800 yuan per tonne on Tuesday, said Umetal.

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