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PrintThe recent export tariff reduction for iron ores in India won't exert much influence on the iron ore price in China, though China imports the most iron ores from India.
Customs duty for powder ore, over 85 percent were exported to China, was cut to 200 rupiah/ton (or 4.5 US dollars/ton), down 50 percent on.
Market analysts said that the move is to relieve the cost pressure of Indian mine enterprises and change the condition of China's import of iron ore from India dropping sharply.
Chinese steelworks' demand for iron ores won't increase in a short period, so the price of iron on domestic market will not fluctuate greatly.
Also, the port reserves and corporate inventories of iron ores in China have reached 89 million tons by the end of October, a saturation level. Thus, China's steelworks will shrink import of iron ore to reduce purchase cost of imported iron ore.
Editor: Ivy
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