India mentions iron ore export tariffs steel prices can't escape high price nightmares

Although the price of imported iron ore suddenly dropped in the fourth quarter of 2011, Chinese steel companies are unlikely to escape the high mineral price nightmare in 2012. According to sources on the 3rd, as one of the major iron ore source countries in China, India has increased the export tariff rate on iron ore from 20% to 30% since December 30, 2011. Since India has always been considered an important factor constraining the giants of mining in Australia and Brazil, the increase in export tariffs has caused the Chinese steel industry to be hit hard at the beginning of 2012.

It is worth noting that, just eight months ago, India has just raised its export tariffs on iron ore fines and lump mines from 5% and 15% to 20%. The industry generally believes that India is the third largest iron ore exporter in the world, and the increase in export tariffs will increase the price of Indian iron ore. Since India is one of the major importers of iron ore in China, this will undoubtedly have a negative impact on China's steel industry.

“At present, the spot price of iron ore in India should be around US$130 per ton, and this increase in tariffs will increase the purchasing cost of steel companies by about US$13 per ton, which is a big impact for steel companies. "My steel network analyst Zeng Shengsheng said in an interview with reporters yesterday. According to reports, in recent years, India’s domestic steel industry has developed rapidly and the demand for iron ore has soared. As a result, the Indian government has begun to take tough measures such as sharply increasing export tariffs to control iron ore exports, especially to China, the world’s largest iron ore. The buyers are even more severe, and have even proposed to realize the zero export of iron ore to China by 2015.

Zeng Jisheng pointed out that India’s iron ore export control policy adopted by China has already had an effect. Data show that in 2011, China’s iron ore imports from India accounted for 15% of the total import volume from the previous 23%, while Australia’s iron ore imports accounted for about 43%, and Brazil’s twenty one%. “As we all know, the three major mines have monopolized the global trade of iron ore, and India has always been an important move for Chinese steel companies to compete for the right to speak with the three major mines. If the three major mines insist on price increases, China will increase India’s imports. Quantity, but now India's export control policy has left Chinese steel companies in awkward position."

However, there are also industry insiders that for the Chinese steel industry, to get rid of the nightmare of imported iron ore, we must start with controlling steel production and increasing the degree of concentration of the steel industry, coupled with an increase in the number of domestic iron ore procurement and ore Diversified purchases, etc.

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