Activity on sluggish side in iron ore market in China

Thursday, 16 June 2016 14:05:27 (GMT+3)   |   Shanghai
       

During the week ending June 16, prices of import iron ore from Brazil and Australia in China have indicated an upward trend, though prices of iron ore from India have softened, while transaction activity for import iron ore has been at low levels. At the same time, traders’ offers of domestic production iron ore in Tangshan and in Liaoning Province have moved on a stable trend, with transaction activity for domestic production ore at low levels.

At present, Indian fine ores of 63.5 percent grade are offered at $50.2/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $62.4/mt and prices of the same material are at $53.3/mt in Beipiao, Liaoning, both excluding VAT. Prices of domestic production and imported iron ore in China are presented in the following table.

During the given week, due to the rebound in the domestic long and flat steel markets, iron ore prices from Brazil and Australia have gained support and edged up slightly, while Indian ore prices have moved down due to a lack of inquiries. Chinese steelmakers have been purchasing iron ore just in line with their production needs. Since domestic finished steel prices are unlikely to continue their upward movement, iron ore prices will lack support to edge up further. It is thought that iron ore prices in the Chinese market will likely move sideways in the coming week. 

Domestic iron ore prices in local Chinese market
 
Product Spec. Place of Origin Market price excluding tax (RMB/mt) Price ($/mt) Weekly Change (RMB/mt)
Domestic iron ore concentrate damp base (iron content: 66%) Tangshan 410 63 0
damp base (iron content: 66%) Beipiao 350 54 0
 
  
17 percent VAT is excluded in all prices and all prices are ex-warehouse.
 
Imported iron ore prices in local Chinese market
 
Product Name Name of Port Iron Content % Place of origin Truck loaded price (RMB/mt) Price($/mt) Weekly Change (RMB/mt)
PB iron ore lump Qingdao 63/63.5 Australia 495-505 76-77 10
Brazil fines 63,5 Brazil 375-385 60-62 10
Yandi fines 58 / 59 Australia 335-345 54-55 10
PB Fines 62 Australia 485-495 78-79 10
PB iron ore lump 61.5 Australia 375-385 60-62 10
Indian fine ore 63.5 India 325-335 52-54 ↓30
Indian fine ore 63 India 315-325 51-52 ↓30
Indian fine ore 62 India 305-315 49-51 ↓30
Indian fine ore 61 India 295-305 47-49 ↓30
Indian fine ore 59 India 265-275 43-44 ↓30
 
The prices are deal prices in local market.                                          

17 percent VAT is included in all prices and all prices are ex-warehouse.
$1 = RMB 6.58


Similar articles

Goa government to ease policy for liquidating iron ore dumps lying on private land

28 Mar | Steel News

Major steel and raw material futures prices in China - March 28, 2024

28 Mar | Longs and Billet

CISA: Coking coal purchase cost in China down 9.86% in Jan-Feb

28 Mar | Steel News

Brazilian high-grade iron ore price declines sharply in two days

27 Mar | Scrap & Raw Materials

Daily iron ore prices CFR China - March 27, 2024

27 Mar | Scrap & Raw Materials

India’s JSPL takes operational charge of iron ore complex in Venezuela

27 Mar | Steel News

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

Vale selected to begin award negotiations for US briquette plant

26 Mar | Steel News

Daily iron ore prices CFR China - March 26, 2024

26 Mar | Scrap & Raw Materials

India’s SEML subsidiary secures mining rights to iron ore block

26 Mar | Steel News