During the week ending May 25, average prices of import iron ore for China have been characterized by minor fluctuations, while transaction activity for import iron ore has been at medium levels. At the same time, traders' offers of domestic production iron ore have indicated a stable trend, with transaction activity for domestic production ore also at medium levels.
At present, Indian fine ores of 63.5 percent grade are offered at $66.8/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $89/mt and prices of the same material are at $71/mt in Beipiao, Liaoning, both excluding VAT. Prices of domestic production and imported iron ore in China are presented in the following table.
During the given week, import iron ore prices for China have indicated a fluctuating trend, with some support provided by the overall upward movement of the domestic finished steel market, though increased inventory levels of iron ore at Chinese ports have exerted a negative impact on import iron ore prices. Next week, some steelmakers will start to increase their outputs when steel production restrictions end. With demand for iron ore expected to improve, it is thought that iron ore prices in China will likely move up on a fluctuating trend in the coming week.
Imported iron ore prices
Product Name | Name of Port | Iron Content % | Place of origin | Truck loaded price (RMB/mt) | Price($/mt) | Weekly Change (RMB/mt) |
Newman iron ore lump | Qingdao | 63/63.5 | Australia | 620-630 | 90-92 | ↑15 |
Brazil fines | 63,5 | Brazil | 435-445 | 63-65 | ↓10 | |
Yandi fines | 58 / 59 | Australia | 400-410 | 58-60 | ↑5 | |
PB fines | 61,5 | Australia | 455-465 | 66-68 | ↓10 | |
PB iron ore lump | 62 | Australia | 595-605 | 87-88 | ↑15 | |
Indian fine ore | 63,5 | India | 455-465 | 66-68 | 0 | |
Indian fine ore | 63 | India | 445-455 | 65-66 | 0 | |
Indian fine ore | 62 | India | 425-435 | 62-63 | 0 | |
Indian fine ore | 61 | India | 405-415 | 59-60 | 0 | |
Indian fine ore | 59 | India | 290-300 | 42-44 | ↓5 |
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 | 520 | 76 | 0 |
damp base (iron content: 66%) | Beipiao | 420 | 61 | 0 |
17 percent VAT is excluded in all prices and all prices are ex-warehouse.
$1 = RMB 6.87