Iron ore prices rose slightly on February 01st 2012. Although many market participants expect price to step up, they all are cautious in operation.

In Western Liaoning, mainstream quotation for 66% fines stood at CNY 790 to CNY 810. Transaction remained thin as most participants just went back from Chinese New Year festival recess and hesitation remained strong.

Lingyuan Steel raised its purchase price for 66% fines by CNY 80 to CNY 1,140 following a quick digestion process during Chinese new year festival with its stock now staying at around 0.3 million tonnes from 0.6 million tonnes previously.

In Eastern Liaoning, mainstream quotation for 65% fines was assessed in the range CNY 790 to CNY 800 in Benxi and Fushun and transaction was weak on cautiousness. Despite the quickly falling stock in part steel mills, Chinese steel markers had their purchase prices unchanged due to unclear market outlook.

(Source: www.steelhome.cn/en)
China steel information centre and industry database