Iron ore prices rise on Jan 11, but fall week on week amid slower demand

Import iron ore prices in China have seen rises today, Thursday, January 11, while they have declined to below $140/mt CFR over the past week as demand has weakened further.  

Iron ore fines with 62 percent Fe content have increased by $1.5/mt today to $136/mt CFR. This level is $6.8/mt below that seen one week ago. Brazilian iron ore with 65 percent Fe has indicated a rise of $1/mt on January 11 to $146.8/mt CFR, while down $6.05/mt week on week, SteelOrbis has learned.  

Seven deals for a total of 135,000 mt have been concluded at Corex today, including 80,000 mt of 62.7 percent of Newman blended fines transacted at the February index + $0.1775/mt, for shipment during February 11-20.  

During the given week, more steelmakers implemented maintenance works due to their increased losses. Demand for iron ore has slackened, exerting a negative impact on prices. At the same time, deliveries of iron ore have increased, resulting in rising inventories of iron ore. It is expected that import iron ore prices may edge down further in the coming week due to the anticipated continuing rise in inventory levels, though at a slower pace.   

Iron ore futures prices at Dalian Commodity Exchange have remained stable, standing at RMB 976.5/mt ($137.5/mt) compared to the previous trading day (January 10), while decreasing by RMB 39.5/mt compared to January 4.   

As of Thursday, January 11, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,926/mt ($553/mt), decreasing by RMB 120/mt ($17/mt) or down 3.0 percent since January 4, while rising by 0.31 percent compared to the previous trading day (January 10).  

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 7.1087