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Large excess supply of iron ore miner heavy pressure on China to increase customer discounts

Large excess supply of iron ore miner heavy pressure on China to increase the discount customers

        Rio Tinto and Fortescue Metals Group and other global mining giants, providing cargo of iron ore to China's low-end discount downs are increasing due to supply iron ore to add, to compete for the world's largest iron ore mall growing competition heat up high.
        These discount practice, highlighting the expansion of iron ore oversupply situation, including Rio Tinto, BHP Billiton and other large mining companies continue to increase, the demand has exceeded the growth rate of China's. Quote hit the already weak iron ore miner profitable, will further expand the discount insult to injury.
        Iron ore price in 2014 has dropped nearly one-third of China's steel prices also reduced the supply of iron ore long list, to purchase cheaper spot supplies.
        "Since many of China's steel enterprises have reduced or canceled contracts with mining companies for the year, to promote some of the miners cut prices to retain customers," steel prices in northern China, a cadre said, and confirmed that Australia's Fortescue get the discount quotes.
        Rio Tinto to negotiate with a pointed steel enterprises cadres, Rio Tinto iron ore grade at 56.9% in Australia RobeRiver provide annual contract customers to discount $ 0.17 per dry tonne.
        According to this month's Platts 62% iron ore price index, which is equivalent to about 13% discount and downs, according to informed sources pointed directly, November 2013 to June 2014 of 6% discount and downs.
        "Honestly, I do not think this grade if no depth buckle can sell, because there are too many in our country have similar grades of cargo sold at very low prices," a Shanghai trader said.
Fortescue on July's 56.7 percent grade cargo offers 14% discount, 8% discount of 58.3% grade, discount and downs during June were 12% and 6%.
        According to two of China's steel enterprises informed Foshan Steel executives said the discount to certain customers and downs increased to 15% and 9%, and the condition is very flexible, good to attract customers to act quickly.
        Due to the increasing supply of iron ore, iron ore poor quality big hit. But in the meantime, China's steel enterprises but because of the pressure to reduce pollution, and reduce the use of poor quality iron ore.
        "Mall seaborne iron ore pricing structure was being used by the original impact of the high cost of production, led by the mall into a saturation factor," Morgan Stanley said in a recent report.
        Target 62% grade iron ore price in June 16 hit a 21-month low of 89 U.S. dollars / ton, but rebounded to $ 92.10 on Friday. Morgan Stanley is expected in the second half of the average quoted price target of $ 95 / t.