Import iron ore prices for China move up further

During the week ending October 27, prices of import iron ore for China have continued their upward movement, while transaction activity for import iron ore has been at decent levels. 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 medium levels.

 

At present, Indian fine ores of 63.5 percent grade are offered at $65.0/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $72.4/mt and prices of the same material are at $59.1/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, as finished steel and coke prices in China have increased, import iron ore prices have gained support and moved on an overall rising trend. Domestic steelmakers have been seeking to make purchases, resulting in decent transaction activity in the market. However, with decreases observed in ferrous metals futures prices in China, iron ore futures prices have also fluctuated in a downward direction, which will weaken support for iron ore prices in the spot market. It is thought that iron ore prices in the Chinese market will likely move sideways or see a slight downward correction in the coming week. 

 

 

 

17 percent VAT is excluded in all prices and all prices are ex-warehouse.

 

 

 

The prices are deal prices in local market.                                          

17 percent VAT is included in all prices and all prices are ex-warehouse.

 

$1 = RMB 6.78