OREANDA-NEWS. December 01, 2011. The domestic iron ore market has slipped back into a state of standstill, ending the upward trend that kicked in early October.

The transaction price of 63.5 percent fines hit a year-low of USD 129 a ton in late October when domestic steelmakers were scrambling to replenish stocks with imported materials, helping to increase the blend ratio of foreign ore to a record 77 percent relative to total consumption by 50 steelmakers in Hebei, Shandong and Shanxi provinces.

The bidding price of iron ore fell recently as customers were no longer desperate for spot materials towards the end of restocking by most domestic steel mills. Foreign materials, booked weeks earlier, are now starting to arrive at the docks, adding the downward pressure to the price development.