Nearly 10 years with the rising iron ore prices, iron ore costs in steel production costs accounted for about 40%-50%, iron ore prices directly related to the rise and fall of steel prices, here, we analyze why iron ore prices rise year by year? What is the general trend of iron ore price in the future?<\/p>\n
As we all know, China is an iron-poor country with low domestic iron ore reserves and low grade. This has resulted in a high degree of dependence on foreign iron ore by Chinese steel companies, and this situation is difficult to change.<\/p>\n
Customs data show that in 2020, China's total imports of iron ore 1.17 billion tons, foreign dependence reached 82.3%. In 2021, China will import 1.12 billion tons of iron ore, down 3.9% year-on-year. However, China's iron ore imports reached 184.67 billion US dollars, a significant increase of 49.3%. Imports set a record high since China's iron ore imports. The average price of imported iron ore is as high as $164.3 \/ ton, also a record high.<\/p>\n
According to statistics, in the 10 years from 2012 to 2021, the total amount of iron ore imported in China reached 9.97 billion tons, spending a total of 967.6 billion US dollars in foreign exchange (equivalent to 6.2 trillion yuan), from the perspective of external dependence, since 2014, China's iron ore external dependence exceeded 80% for the first time, iron ore external dependence remained high. There were no more years below 80%, and 2016, 2017 and even more than 90%.<\/p>\n
China's iron and steel enterprises not only rely on imported iron ore, but also have a high degree of import concentration. China's iron ore imports from 18 countries around the world, but 80% from Australia and Brazil, of which Australia accounted for 67%, Brazil accounted for 13%.<\/p>\n
Why is the price of iron ore so high and rising every year? We have to start with the four biggest iron ore companies in the world.<\/p>\n
The four iron ore giants – Vale, Rio Tinto, BHP Billiton and FMG – account for 16.5% of the world's proven iron ore reserves and 55% of global iron ore production. Among them, Vale is the world's largest iron ore company, located in Brazil, and the other three are the world's second, third and fourth largest iron ore companies, all located in Australia. They not only monopolize iron ore, they monopolize supply, they also monopolize the pricing power of iron ore worldwide.<\/p>\n
China, as the world's largest importer of iron ore, has no pricing power, and another reason is that steel companies are too scattered, the import procurement behavior of each company is scattered, and each signed a contract with the four giants, each said his own words, so naturally lost the right to speak in the international iron ore market.<\/p>\n
From 348 yuan\/ton in February 2016 to 1667 yuan\/ton in May 2021, an increase of nearly five times in just five years, and the ox is soaring. So, how to change the status quo of the iron ore market? How to get the pricing power of iron ore?<\/p>\n
At present, the international market is widely used for iron ore procurement pricing benchmark is Platts index, and futures prices, Platts index is not the price of market participants trading transactions, but based on telephone inquiries, emails and other ways to collect data calculated by the evaluation value, data collection is not transparent, and easy to be manipulated.<\/p>\n
Therefore, the relevant parties in China are actively studying the launch of the domestic port iron ore RMB spot price index, based on 61% grade iron ore powder, the use of futures market trading, to promote the international influence of China's index pricing, hoping that the index will be launched as soon as possible to help enterprises reduce import costs and reduce the risk of large fluctuations in steel prices.<\/p>\n
Another step is to find alternatives to mines in Australia and Brazil, and the good news is that China is preparing to develop two of the world's largest iron ore mines. In 2009, a giant iron ore mine was discovered in Dadaigou, Benxi city, Liaoning province. According to the latest data, the iron ore reserves are 13.61 billion tons, ranking first in the world. On June 24, 2009, as soon as the news came out, the Bensteel plate even pulled two daily limits.<\/p>\n
In fact, so far, there is still controversy about whether the Dataigou iron ore is mined or not, and the Dataigou iron ore is of high grade, pure mineral, and the grade is between 24% and 61%. However, the iron ore buried at a depth of 1,000 meters, extending to nearly 2,000 meters, are rich iron ore deposits. Such deep iron ore, mining out will not lose market competitiveness due to high costs?<\/p>\n
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