During the week ending April 28, prices of import iron ore in China have indicated corrections, while transaction activity for import iron ore has declined compared to the previous week. At the same time, traders' offers of domestic production iron ore in Tangshan and Liaoning Province have moved on a stable trend, with transaction activity for domestic production ore at decent levels.
At present, Indian fine ores of 63.5 percent grade are offered at $72.4/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $69.3/mt and prices of the same material are at $58.5/mt in Beipiao, Liaoning, both excluding VAT. Prices of domestic production and imported iron ore in China are presented in the tables below.
During the given week, ferrous metal prices have indicated an overall downward trend, dragging down iron ore prices also. Meanwhile, following previous continuous rises, ferrous metal futures prices have also indicated sharp decreases, also exerting a negative impact on iron ore prices. Since domestic production iron ore had seen smaller price increases compared to import iron ore over previous weeks, it has attracted more transactions from buyers in the past week. It is expected that iron ore prices in the Chinese market will likely see further downward corrections in the coming week, though with limited decrease margins anticipated.
Domestic iron ore prices in local Chinese market
Product | Spec. | Place of Origin | Market price excluding tax (RMB/mt) | Price ($/mt) | Weekly Change (RMB/mt) |
Domestic iron ore concentrate | damp base (iron content: 66%) | Tangshan | 450 | 69 | 0 |
damp base (iron content: 66%) | Beipiao | 380 | 59 | 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 | 585-595 | 90-92 | ↓30 |
Brazil fines | 63,5 | Brazil | 455-465 | 70-72 | ↓40 | |
Yandi fines | 58 / 59 | Australia | 415-425 | 64-66 | ↓30 | |
PB Fines | 62 | Australia | 575-585 | 89-90 | ↓30 | |
PB iron ore lump | 61.5 | Australia | 455-465 | 70-72 | ↓40 | |
Indian fine ore | 63.5 | India | 465-475 | 72-73 | ↓40 | |
Indian fine ore | 63 | India | 455-465 | 70-72 | ↓40 | |
Indian fine ore | 62 | India | 445-455 | 69-70 | ↓40 | |
Indian fine ore | 61 | India | 435-445 | 67-69 | ↓40 | |
Indian fine ore | 59 | India | 405-415 | 63-64 | ↓40 |
The prices are deal prices in local market.
17 percent VAT is included in all prices and all prices are ex-warehouse.
$1 = RMB 6.48