The price of Brazilian high-grade iron ore exports, for 65 percent iron contents, is $112/mt today, against $105/mt on November 21, CFR China conditions.
According to analysts, the uptrend reflects a possible softening of the Covid-zero policy in China due to the recent protests in the country. As such, price expectations by sources are expected to trend in a FOB range of $105/mt to $115/mt, at least during the first quarter of 2023.
The Brazilian high-grade product has now a premium of 7.8 percent in relation to the 62 percent Australian iron ore, against 4.1 percent previously, now reflecting an increased demand for premium iron ore products.
The export price of blast furnace grade pellets is now $136/mt, CFR China, against $129/mt previously, reflecting a stable premium ascribed to the product in relation to the equivalent sinter feed fines.
In the Brazilian domestic market, the prices are now estimated at $91/mt for the iron ore and $116/mt for the pellets, against respectively $82/mt and $106/mt previously, ex-works, no taxes included.