During the week ending July 30, prices of imported iron ore in China have indicated an overall rising trend, while transaction activity for imported iron ore has been at decent levels. At the same time, traders’ offers of domestic production iron ore in Tangshan and Liaoning Province have also increased, while overall demand for domestic production iron ore has been sluggish.
At present, Indian fine ores of 63.5 percent grade are offered at $66.1/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $71/mt and prices of the same material are at $59.7/mt in Beipiao, Liaoning, both excluding VAT. Prices of domestic production and imported iron ore in China are presented in the following table.
During the given week, since finished steel prices have indicated stable movement, iron ore prices have gained some support, resulting in improvement in purchasing activities. Meanwhile, iron ore futures prices indicated a sharp rebound on July 29, exerting a positive impact on iron ore prices in the spot market. In the coming week, steelmakers are expected to continue their purchases and iron ore prices in the Chinese market will likely continue to rebound.
Domestic iron ore prices in local Chinese market
| Product | Spec. | Place of Origin | Market price excluding tax (RMB/mt) | Price ($/mt) | Weekly Change (RMB/mt) |
| Domestic iron ore concentrate | damp base (iron content: 66%) | Tangshan | 440 | 71 | ↑10 |
| damp base (iron content: 66%) | Beipiao | 370 | 60 | ↑10 |
Imported iron ore prices in local Chinese market
| Product Name | Name of Port | Iron Content % | Place of origin | Truck loaded price (RMB/mt) | Price($/mt) | Weekly Change (RMB/mt) |
| PB iron ore lump | Qingdao | 63/63.5 | Australia | 530-550 | 85-89 | ↑10 |
| Brazil fines | 63,5 | Brazil | 400-420 | 64-68 | ↑10 | |
| Yandi fines | 58 / 59 | Australia | 380-400 | 61-64 | ↑10 | |
| PB Fines | 62 | Australia | 440-460 | 71-74 | ↑10 | |
| PB iron ore lump | 61.5 | Australia | 390-400 | 63-64 | ↑10 | |
| Indian fine ore | 63.5 | India | 400-410 | 64-66 | ↑10 | |
| Indian fine ore | 63 | India | 390-410 | 63-66 | ↑10 | |
| Indian fine ore | 62 | India | 370-390 | 60-63 | ↑10 | |
| Indian fine ore | 61 | India | 360-380 | 58-61 | ↑10 | |
| Indian fine ore | 59 | India | 340-360 | 55-58 | ↑10 |
The prices are deal prices in local market.
17 percent VAT is included in all prices and all prices are ex-warehouse.
$1 = RMB 6.21