Import iron ore prices in China have moved down today, Thursday, May 11, while iron ore futures prices have declined by 3.46 percent on the same day, and, as a result prices, which had been posting some recovery early this week, have slipped below the level seen last week. The demand issue is the main factor, preventing prices from rises.
Iron ore fines with 62 percent Fe content have moved down by $3.5/mt today to $102.5/mt CFR. This level is $0.7/mt below that seen a week ago. Brazilian iron ore with 65 percent Fe has indicated a decline of $3.6/mt on May 11 to $117.2/mt CFR, while down $1.4/mt week on week, SteelOrbis has learned.
On May 11, eight deals for 73,000 mt of iron ore have been concluded at the Corex platform. In particular, 5,000 mt of 58.47 percent Fe content lump were transacted at RMB 785/mt ($113.6/mt), delivered at Tianjin port.
During the given week, import iron ore prices have generally edged down amid decreasing iron ore futures prices, though also indicating some upticks in this trading period. The iron ore arriving at ports this week has fallen to its lowest weekly level since the beginning of this year. At the same time, domestic production iron ore output has decreased amid slack demand and shrinking profitability. Production cuts at steelmakers’ blast furnaces will negatively affect the demand for iron ore. It is thought that import iron ore prices will likely soften in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have moved up by 1.4 percent to RMB 698.5/mt ($101.1/mt) compared to May 4, while decreasing by 3.46 percent compared to the previous trading day.
As of Thursday, May 11, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,600/mt ($521/mt), decreasing by RMB 15/mt ($2.2/mt) or down 0.4 percent since May 4, while declining by 2.65 percent compared to the previous trading day (May 10).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
893 |
-19 |
129.2 |
-2.8 |
|
Yandi fines |
58 / 59 |
751 |
-37 |
108.7 |
-5.4 |
|
PB Fines |
62 |
780 |
-25 |
112.9 |
-3.7 |
|
PB iron ore lump |
62/63 |
895 |
-17 |
129.5 |
-2.6 |
|
Brazil fines |
63 |
795 |
-34 |
115.1 |
-5.0 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price (RMB/mt, Incl. VAT) |
Change (RMB/mt) |
Price ($/mt) |
Change |
|
Tangshan |
857 |
+34 |
124 |
+5 |
|
Beipiao |
780 |
+34 |
113 |
+5 |
Price includes VAT.
$1 = RMB 6.9101