Iran to raise price of iron ore exported to China
The price of Iranian iron ore exported to China has increased by two dollars following a visit to Beijing by a delegation of Iranian private sector, IRNA agency reported refferring to Iranian Association of Iron Ore Producers and Exporters.
The announcement said that the increase includes exported iron ore at any purity grade.
The latest data coming from international iron ore markets shows that iron ore with a 62 percent purity grade is being traded at less than $80 per ton.
Analysts believe that the price of iron ore, which reached a 5-year low in September, is unlikely to increase for a long time because supply highly overtakes demand and also due to slowing economic growth in China.
Keyvan Jafari Tehrani, member of the board of directors of Iran's Association of Iron Ore Producers and Exporters said on Sept. 28 that Iran is the fifth main supplier of iron ore to China, which is regarded as the world's leading importer of the product.
Official data shows that Chinese imports accounts for more than 90 percent of Iran's total iron ore exports.