Chinese steelmakers stopped buying spot market

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The price of iron ore spiked to a one-month high today, with benchmark Australian iron ore rising to $140 a tonne.

FT (sub required) reports that Chinese steelmakers, which halted spot market purchases last month amid concerns about an economic slowdown and tight credit conditions, are able to obtain import financing. That, combined with higher steel prices, is boosting iron ore prices. argued last week that although iron ore prices have now turned around after crashing 30% in October, the longer-term outlook is not rosy thanks in large part to the aggressive go-to-market strategy of the big three.

Thanks to their economies of scale have been flooding the market by concentrating on building market share rather than maximizing prices. This way the giants drive high-cost producers out of the business and crowd out any new players who want to enter the space. Read more about the the big three iron ore producers’ expansion plans and market strategy.

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