The "Chinese version" of iron ore is on the string. Yesterday, the Director of the Economic Operations Department of China Iron and Steel Association and the leading group member of the China Iron Ore Price Index Compiling Leadership Force expressed his concern to the Beijing Morning Post reporter that the Dalian Commodity Exchange had submitted an application for listed iron ore to the China Securities Regulatory Commission. The iron ore price fluctuations are undoubtedly worse for the already cold steel companies. As of July 1, the Xinhua iron ore price index was 115, up 2 units from the previous month, but domestic steel prices were at the lowest level in nearly four years. “Iron ore is like a big stone pressing on a Chinese steel mill.†According to Li Li, China’s dependence on imported iron ore is quite high, and the price of iron ore directly affects the profitability of Chinese steel companies. However, the price of imported iron ore is seriously higher than the actual cost. Recently, the Dalian Commodity Exchange disclosed the "China Edition" iron ore ** contract, which China Steel Association expressed support.
All along, the unreasonable pricing mechanism for international iron ore has caused Chinese steel companies to work for international miners. According to data from the China Steel Association, from January to May of this year, the net profit of iron and steel enterprises was only 2.842 billion yuan, and the loss was as high as 43.02%, an increase of 8.14 percentage points from the same period of last year. From late December last year to mid-January this year, the price of imported iron ore rose by as much as 38%, the cost of steel rose by 422 yuan/ton, while the market price of steel rose by only RMB 106/ton. Iron ore ** can provide the industry with an effective tool to manage risks, which will help transfer industry risks.
In fact, the leaders of the China Iron and Steel Association have frequently seen the meeting with iron ore giants in recent days. According to news from the China Iron and Steel Association website, yesterday, Vice President Wang Xiaoqi of the China Iron and Steel Association met with senior executives of the Chinese market of Rio Tinto Iron Mine and exchanged views on iron ore market trends and transactions. The day before, Wang Xiaoqi also met with him. Senior executives of BHP Billiton and Global Iron Ore giants.
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