The price of the Brazilian 65 percent Fe iron ore is $118/mt CFR China, unchanged from one week ago.
Iron ore prices are supported by expectations of inventory replenishment among Chinese steel producers ahead of the February holidays. However, uncertainty surrounding future demand for the ore is exerting downward pressure on prices.
The export price of blast furnace grade pellets is also stable at $136/mt, CFR China, reflecting the same premium relative to equivalent sinter feed fines.
The premium for Brazilian high-grade ore with 65 percent iron over Australian ore containing 62 percent iron is 7.2 percent, also unchanged.
In the Brazilian domestic market, reference prices are now $95/mt for the ore and $114/mt for pellets, against respectively $94/mt and $113/mt previously, ex-works and excluding taxes, in an increase reflecting slightly lower Brazil-China freight rate, as the domestic price in Brazil is based on FOB conditions, having CFR China as the reference.
