During the week ending November 2, prices of import iron ore for China have indicated an overall downtrend, while transaction activity for import iron ore in the past week has been at low levels. At the same time, traders’ offers of domestic production iron ore in Tangshan and Liaoning Province have remained stable, with transaction activity for domestic production ore also at low levels.
At present, Indian fine ores of 63.5 percent grade are offered at $61.4/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $83/mt and prices of the same material are at $82/mt in Beipiao, Liaoning, both including VAT. Prices of domestic production and imported iron ore in China are presented in the table below.
During the given week, since Chinese steelmakers’ inventories of import iron ore have been at sufficient levels, they have been less willing to make purchases and this has exerted a negative impact on the import iron ore market. Inventory levels at ports have also increased, negatively affecting market sentiment. With the approach of winter, demand for finished steel will become slacker, while more production cuts will be implemented due to stricter environmental protection measures. It is thought that import iron ore prices in the Chinese market are unlikely to move upwards and will instead soften in the coming week.
Imported iron ore prices
|
Product Name |
Name of Port |
Iron Content % |
Place of origin |
Truck loaded price (RMB/mt) |
Price($/mt) |
Weekly Change (RMB/mt) |
|
Newman iron ore lump |
Qingdao |
63/63.5 |
Australia |
670-680 |
101-103 |
↓35 |
|
Brazil fines |
63,5 |
Brazil |
390-400 |
59-61 |
↓18 |
|
|
Yandi fines |
58 / 59 |
Australia |
402-412 |
61-62 |
↓20 |
|
|
PB fines |
61,5 |
Australia |
452-462 |
68-70 |
↓20 |
|
|
PB iron ore lump |
62 |
Australia |
640-650 |
97-98 |
↓35 |
|
|
Indian fine ore |
63,5 |
India |
402-412 |
61-62 |
↓10 |
|
|
Indian fine ore |
63 |
India |
392-402 |
59-61 |
↓10 |
|
|
Indian fine ore |
62 |
India |
372-382 |
56-58 |
↓10 |
|
|
Indian fine ore |
61 |
India |
352-362 |
53-55 |
↓10 |
|
|
Indian fine ore |
59 |
India |
267-277 |
40-42 |
↓15 |
The prices are deal prices in local market.
17 percent VAT is included in all prices and all prices are ex-warehouse.
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 |
470 |
71 |
0 |
|
damp base (iron content: 66%) |
Beipiao |
465 |
70 |
0 |
17 percent VAT is excluded in all prices and all prices are ex-warehouse.
$1 = RMB 6.60