Chinese domestic iron ore prices remain weak

Chinese domestic iron ore prices remain weak

Chinese domestic iron ore prices and transactions continue to be weak in spite of the slight improvement in domestic steel prices in the past two weeks.

According to an official source in northern China's Hebei province, the mill has changed the ratio which purchase 80 percent of its iron ore domestically and 20 percent from imports because the current spot imported iron ore prices have been cheaper than domestic ore.

However, the domestic iron ore producers don't have plans to lower their prices but cut their production to maintain the prices.