Luo Bingsheng: The price of iron ore has no room to rise
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According to customs data, from January to August, China's iron ore imports were approximately 405 million tons, an increase of 31.99% year-on-year.
After experiencing the fall in August, China's iron ore spot prices began to rebound, rising from the low of 80 US dollars / ton to the current 90 US dollars / ton. Luo Bingsheng believes that there are many factors in the recent rise in the spot price of iron ore. Human speculation cannot be ruled out.
Luo Bingsheng pointed out that the original "rules of the game" was not suitable in practice and must be modified. As for how to amend it, it is not up to the party to decide, but it needs to be changed by the supply and demand sides in accordance with the principles of mutual benefit and win-win.
Recently, CISA has suddenly become active after nearly two months of “losing languageâ€. Secretary-General Shan Shanghua has expressed his position on iron ore negotiations on several occasions. First, he stated that iron ore is still oversupply next year and strives for the year 2010. The iron ore negotiations were set and adjusted; in an interview with relevant media, they said that Chinese steel companies did not suffer losses even if they did not accept Japanese prices this year. Industry insiders believe that the information released by China Steel Association is very clear and will not show weakness in the next iron ore negotiations.