Import iron ore prices in China have moved up today, Thursday, November 2, while they have also risen strongly over the past week, mainly on the back of higher futures prices, better expectations in the steel market, and good steel consumption, even though more steel production cuts in China have been announced recently.
Iron ore fines with 62 percent Fe content have risen by $1.1/mt today to $126.9/mt CFR. This level is $8/mt above that seen one week ago. Brazilian iron ore with 65 percent Fe has indicated an increase of $1.2/mt on November 2 to $136.7/mt CFR, while rising by $7.75/mt week on week, SteelOrbis has learned.
12 deals for a total of 194,800 mt have been concluded at Corex today, including 90,000 mt of 62.3 percent Newman fines traded at $126.3/mt CFR for shipment during November 26-December 5.
During the given week, import iron ore prices have moved on an upward trend, while the growth was faster than that seen in finished steel prices. China has announced the issuing of additional special bonds worth RMB 1 trillion for 2023 in the October-December period, bolstering market sentiments, which pushed up ferrous metal futures prices and exerted a positive impact on iron ore prices. At the same time, steelmakers’ production capacity utilization rates have not declined and continue to bolster iron ore prices. However, Handan and Tangshan have announced production restrictions for environmental protection purposes, which will drag down molten iron outputs and will weaken the demand for iron ore. It is thought that import iron ore prices may edge up further in the coming week, but at a much slower pace.
Iron ore futures prices at Dalian Commodity Exchange have risen by 1.59 percent to RMB 926.5/mt ($129/mt) compared to the previous trading day (November 1), while increasing by RMB 50/mt ($7/mt) compared to October 26.
As of Thursday, November 2, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,756/mt ($523/mt), increasing by RMB 71/mt ($2.4/mt) or up 1.9 percent since October 26, while rising by 0.37 percent compared to the previous trading day (November 1).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
1,123 |
11 |
156.4 |
1.5 |
|
Yandi fines |
58 / 59 |
922 |
24 |
128.4 |
3.3 |
|
PB Fines |
62 |
965 |
35 |
134.4 |
4.8 |
|
PB iron ore lump |
62/63 |
1,140 |
12 |
158.8 |
1.6 |
|
Brazil fines |
63 |
975 |
30 |
135.8 |
4.1 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
996 |
22 |
139 |
3 |
|
Beipiao |
947 |
15 |
132 |
2 |
Price includes VAT.
$1 = RMB 7.1797