Iron ore prices keep gradually going up on positive moods

Today, June 15, import iron ore prices in China have indicated a rising trend compared to yesterday and on week-on-week basis amid increasing futures prices and mainly positive sentiments.

Iron ore fines with 62 percent Fe content have moved up by $0.85/mt today to $115.7/mt CFR. This level is $3.45/mt above that seen a week ago. Brazilian iron ore with 65 percent Fe has indicated a rise of $0.55/mt on June 15 to $125.95/mt CFR, while up $1.6/mt week on week, SteelOrbis has learned.

During the given week, import iron ore prices have edged up further amid the declining trend of iron ore volumes arriving at ports, which are at the second lowest levels since the beginning of the current year. Meanwhile, steelmakers’ profitability has improved to a certain degree, resulting in stable demand for iron ore. Ferrous metal futures prices are expected to move on an uptrend in the near future, which will exert a positive impact on iron ore prices. However, demand for steel may be slack amid the traditional offseason. It is thought that import iron ore prices may rise slightly in the coming week.

Iron ore futures prices at Dalian Commodity Exchange have edged up by 3.16 percent to RMB 816/mt ($114/mt) compared to June 8, while increasing by 1.43 percent compared to the previous trading day (June 14).

As of Thursday, June 15, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,760/mt ($526/mt), increasing by RMB 106/mt ($14.8/mt) or up 2.9 percent since June 8, while rising by 0.59 percent compared to the previous trading day (June 14).

Imported iron ore prices in China (week-on-week basis)

Price includes VAT.

Nationwide iron ore concentrate prices (66 percent Fe)

Price includes VAT.

$1 = RMB 7.1566