On August 30th, according to the British "Financial Times" report, iron ore and coking coal, which have been strong in price, will see price cuts in the fourth quarter. According to mining company executives and analysts, iron ore prices will fall 10% to 15% in the fourth quarter, and coking coal prices will fall 5% to 10%.
According to the report, the final price will be announced on September 1st, and the prices of the three major mining companies in the world will be different due to different price formulas. The quarterly contract between Vale and Rio Tinto is based on a three-month average spot price at the end of the previous quarter. BHP Billiton uses other systems, including one-month and two-month average prices.
The reason for the price cuts of iron ore and coking coal is the recent decline in steel production, which has forced Brazil's Vale, Rio Tinto and BHP Billiton to take discount measures. The fall in prices will drive down steel prices or increase the profitability of steel producers.
BHP Billiton said last week that the global steel supply surplus will hit the "short-term demand" of steel-related commodities.
In fact, iron ore prices have more than doubled since last year's price decline, and even after falling prices, iron ore prices will still be nearly 120% higher than last year's level.
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