At the 2013 China Iron Ore Inter-Kitchen Market Symposium, Wang Xiaoqi, Vice President of the China Iron and Steel Association, highlighted that global iron ore prices had "entered a downward channel." He predicted that in the second half of the year, the market would face a significant oversupply, leading to further price declines. According to his estimates, the annual drop in iron ore prices could range from $10 to $15 per ton.
At the same time, global iron ore supply was expected to surge. The high profitability of the sector had spurred expansion and new projects across major mining companies. Domestically, steel production in 2013 was projected to increase by about 20 million tons. Internationally, Brazil's Vale, Australia’s Rio Tinto, and BHP Billiton were all expanding their operations, with combined capacity reaching approximately 100 million tons in 2013. Additional projects, such as those in Carrara and African mines, were also progressing, with peak output anticipated between 2014 and 2015. CITIC Pacific’s Australian iron ore project was also set to start operations this year.
Liu Xiaodong, director of global sales at FMG, the third-largest iron ore exporter in Australia, stated that the company’s capacity for the year would reach 155 million tons.
Looking ahead, the trend toward iron ore oversupply appeared unavoidable. Wang Xiaoqi pointed out that in the first quarter of 2013, domestic steel production rose by more than 9% year-on-year, while consumption only increased by 3.1%. This created a gap of 192 million tons in production versus 149 million tons in consumption, resulting in a large inventory buildup. Despite four consecutive quarters of losses in the steel industry, the decline in coking coal prices improved conditions slightly compared to the previous year. With heavy inventory pressure, steel mills were likely to cut back on production, reducing demand for iron ore.
Wang also noted that if China’s service sector continued to grow in the future, steel demand might remain stable or even decline, leading to slower overall demand for iron ore.
Regarding price trends, Liu Pengfei, general manager of Hebei Xinhua Iron and Steel Group Co., Ltd., suggested that “$130 per ton is the central point.†He forecasted that prices would fall in April, then rise for two months before falling again in July, reaching a bottom before another upward wave. Overall, he believed prices would fluctuate between $120 and $140 per ton throughout the year.LED lamp is a light emitting diode (LED) as the light source of the lamp, with high efficiency, energy saving, environmental protection, long life and so on. LED table lamp uses LED as light source, soft light, no glare, suitable for long-term reading and work. Compared with ordinary desk lamps, LED desk lamps have higher energy efficiency, power consumption is only 20% to 30% of ordinary desk lamps, and the service life is far longer than ordinary desk lamps, up to 50,000 hours under normal use.
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