Japanese integrated steel makers’ iron ore purchase price would decrease by near 10% in April-June from January-March. Iron ore spot market price is lower than 3-month average through November due to lower demand for the supply while the price is higher than recent bottom in October. The quarterly price decreases for 4 quarters in a row from the peak in April-June 2011 while the price is still higher than 2 years ago.
Iron ore spot market price is around CIF US$ 144 per tonne for Indian fine ore with 62% Fe to China, according to Platts. The price is stable at less than US$ 150 after the increase from less than US$ 120 in late October 2011. The 3-month average through February would be US$ 141 if the price would keep the level through end of February. The price is around US$ 12 lower than 3-month average through November 2011. Japanese industry source estimates the 3-month FOB price would be around US$ 131. The FOB price would be April-June quarterly price compared with US$ 144 in January-March. The quarterly price decreases from the peak of US$ 171 per tonne for April-June 2011. However, the price is much higher than annual price of US$ 60 for fiscal 2009 ended March 2010 and higher than US$ 120 per tonne for April-June 2010. Integrated steel coking coal purchase price depends on coming talk with the miners for April-June while the coal price also decreased for 3 quarters in a row through January-March. The raw materials cost decreased from overheated level in early 2011. However, Japanese integrated steels’ raw materials consumption is slow when they reduce the steel output. Their raw materials cost is still higher than quarterly price due to high priced inventory.Japan Steel Scrap Composite Prices (Sangyo Press)
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