During the week ending February 16, prices of import iron ore for China have indicated an overall rising trend, while transaction activity for import iron ore has been at medium levels. At the same time, traders’ offers of domestic production iron ore in Tangshan and Liaoning Province have also increased, with transaction activity for domestic production ore at low-to-medium levels.
At present, Indian fine ores of 63.5 percent grade are offered at $92.9/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $96.8/mt and prices of the same material are at $79.8/mt in Beipiao, Liaoning, both including VAT. Prices of domestic production and imported iron ore in China are presented in the following table.
During the given week, finished steel and semi-finished steel prices have indicated sharp rises in the Chinese domestic market, providing support for miners and iron ore traders to push up their iron ore prices. Meanwhile, with the futures market positively impacted by overseas miners’ upward revisions of their iron ore price forecasts, this has also boosted iron ore prices in the spot market. At the same time, steelmakers have started to resume their purchases after the recent Chinese New Year holiday in order to meet their production needs, resulting in better transaction activity for import iron ore. It is thought that iron ore prices in the Chinese market will likely continue their rising trend in the coming week.
Imported iron ore prices in local Chinese market
| Product Name | Name of Port | Iron Content % | Place of origin | Truck loaded price (RMB/mt) | Price($/mt) | Weekly Change (RMB/mt) |
| Newman iron ore lump | Qingdao | 63/63.5 | Australia | 725-735 | 106-107 | ↑40 |
| Brazil fines | 63,5 | Brazil | 665-675 | 97-98 | ↑40 | |
| Yandi fines | 58 / 59 | Australia | 575-585 | 84-95 | ↑40 | |
| PB fines | 61,5 | Australia | 675-685 | 98-100 | ↑40 | |
| PB iron ore lump | 62 | Australia | 705-715 | 103-104 | ↑40 | |
| Indian fine ore | 63,5 | India | 635-645 | 92-94 | ↑40 | |
| Indian fine ore | 63 | India | 625-635 | 91-92 | ↑40 | |
| Indian fine ore | 62 | India | 605-615 | 88-89 | ↑40 | |
| Indian fine ore | 61 | India | 585-595 | 85-87 | ↑40 | |
| Indian fine ore | 59 | India | 445-455 | 65-66 | ↑40 |
The prices are deal prices in local market.
17 percent VAT is included in all prices and all prices are ex-warehouse.
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 | 570 | 83 | ↑20 |
| damp base (iron content: 66%) | Beipiao | 470 | 69 | ↑10 |
17 percent VAT is excluded in all prices and all prices are ex-warehouse.
$1 = RMB 6.86