Zhu Jimin, president of the China Iron and Steel Association, said at the second executive director (expansion) meeting of the fourth session of the China Iron and Steel Association on the 29th that this year the association will launch the "China Iron Ore Price Index" in due course. Zhu Jimin said that in the first half of this year, China's steel industry continued to maintain rapid development, and crude steel output reached 350 million tons, an increase of 9.6%. But steel companies are still in a low-efficiency state. The member companies that were included in the statistics of the association had a sales profit margin of only 3.14% in the first half of the year, down 0.4 percentage points year-on-year. In comparison, the one-year bank deposit rate is 3.5%. One of the root causes of the low efficiency of steel mills is iron ore. According to customs statistics, the average price of imported iron ore in China in the first half of the year was 160.89 US dollars per ton, a record high, up 47.92 US dollars, or 42.41%. As for the price increase of iron ore alone, the Chinese steel industry will have to spend an additional 104.1 billion yuan. In order to better serve steel companies, the industry needs to introduce a more scientific, more reasonable and more realistic Chinese iron ore price index. To this end, China Steel Association and China Metallurgical Mining Enterprise Association, Metallurgical Information Center after research, initially drafted the "China Iron Ore Price Index" preparation program. The “China Iron Ore Price Index†is intended to consist of two sub-indices: “Domestic Iron Ore Price Index†and “Imported Iron Ore Price Indexâ€. The domestic iron ore price index is based on the iron concentrate price of 14 provinces, autonomous regions and 32 mining areas. The imported iron ore price index is based on the relevant data of the member companies of the Sinosteel Concord Minmetals Chamber of Commerce, and reference is made to 8 The transaction price of imported iron ore market in domestic ports is the basic data. Finally, the “China Iron Ore Price Index†is calculated by weighting. Zhu Jimin said that the program has been initially approved by the relevant ministries and plans, and plans to be launched at the appropriate time this year after improvement and adjustment. The "China Iron Ore Price Index" compiled by the Association will be announced on a weekly basis. In addition to iron ore, in other steelmaking materials such as scrap, coke and coal, China Steel Association also plans to establish a price monitoring system and form an index description system.
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