During the week ending February 4, in China prices of import iron ore from Australia and Brazil have indicated a slight rising trend, while other import iron ore prices have remained on a stable trend. Transaction activity for import iron ore has been at low levels. At the same time, traders' offers of domestic production iron ore in Liaoning Province and Tangshan have moved on a stable trend, while overall demand for domestic production iron ore has also been sluggish.
At present, Indian fine ores of 63.5 percent grade are offered at $50.4/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $48.9/mt and prices of the same material are at $44.3/mt in Beipiao, Liaoning, both excluding VAT. Prices of domestic production and imported iron ore in China are presented in the following table.
During the given week, Chinese steelmakers purchasing activities for iron ore have been very slack. Accordingly, the current iron ore spot market is very quiet. It is expected that iron ore prices in the Chinese market will likely indicate a stable trend in the coming period, though they are expected to move on a slight uptrend after the Chinese New Year holiday (Feb. 8-14).
Domestic iron ore prices in local Chinese market
Product | Spec. | Place of Origin | Market price excluding tax (RMB/mt) | Price ($/mt) | Weekly Change (RMB/mt) |
Domestic iron ore concentrate | damp base (iron content: 66%) | Tangshan | 320 | 49 | ↔ |
damp base (iron content: 66%) | Beipiao | 290 | 44 | ↔ |
17 percent VAT is excluded in all prices and all prices are ex-warehouse.
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 | 395-410 | 60-62 | ↑10 |
Brazil fines | 63,5 | Brazil | 315-325 | 48-49 | ↑10 | |
Yandi fines | 58 / 59 | Australia | 295-305 | 45-46 | ↑10 | |
PB Fines | 62 | Australia | 385-395 | 59-60 | ↑10 | |
PB iron ore lump | 61.5 | Australia | 315-320 | 48-49 | ↑10 | |
Indian fine ore | 63.5 | India | 325-335 | 49-51 | ↔ | |
Indian fine ore | 63 | India | 315-325 | 48-49 | ↔ | |
Indian fine ore | 62 | India | 300-310 | 46-47 | ↔ | |
Indian fine ore | 61 | India | 285-295 | 43-45 | ↔ | |
Indian fine ore | 59 | India | 255-265 | 39-40 | ↔ |
The prices are deal prices in local market.
17 percent VAT is included in all prices and all prices are ex-warehouse.
$1 = RMB 6.58