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Beijing APEC down iron ore prices?

As the iron and steel raw material iron ore prices are falling. Iron ore spot prices at the end of 9 the record about 5 year low. Because of the purchase from Chinese steelmakers appears to reduce, September price recently was again below.

In Japan, the yen rapid devaluation, iron and steel raw material purchasing price is falling. Tokyo steel raised steel prices. Decline in the background appear in the Asian steel market, steel prices in Japan constitute support on the overall situation.

Hovering Australian iron ore spot prices as the iron ore price index is around $77 a metric ton, mid October record high prices fell 7%.

In China's economic slowdown in the background, the spot iron ore prices in December last year to the end of the year 9 during that period fell 45%. After a rise of 7%, but now again turned down trend.

It is reported that China's enterprises over appears to reduce the reason is APEC in Beijing before the summit, the Chinese government requires large-scale iron and steel enterprises to suspend some production line. Which it appears that the Chinese government that cuts in excess capacity has become urgent to solve the problem of Asian steel market.

In the real estate market deteriorated as the background, China's steel demand weakened. Production of crude steel in September to 67540000 tons, unchanged and the same period last year. It is 25 months since the crude steel output growth does not appear for the first time. Iron ore port inventory of up to 1 tons, becoming one of the factors is pulled low price.

If iron ore price below $80, will not be able to profit dispersion in medium and small mines in China and the. A Japanese company that "iron ore prices will continue to be in low wander". The APEC is expected after China's steel makers will restart production.

Next year 1 ~ March iron ore exports to Japan this year 9 ~ November price will be based on the spot price decision. If the spot price in the future continue to hover around $80, is likely to refresh 2010 year to start price adjustment (quarterly adjusted) since the lowest price.