Demand for iron ore up, prices almost stable after yesterday’s rebound

Thursday, 30 July 2020 15:06:23 (GMT+3)   |   Shanghai
       

Iron ore prices have posted just small changes today, July 30, after yesterday’s rebound by $4/mt. Demand for the raw material improved on Wednesday, continuing on Thursday, supporting sentiments.

Iron ore fines with 62 percent Fe content have increased by $0.2/mt today to $110.4/mt CFR, though down $0.8/mt compared to Thursday last week. Brazilian iron ore with 65 percent Fe has moved sideways today at $122/mt CFR, SteelOrbis has learned.

Deals for more than 400,000 mt of iron ore have been concluded on July 30. One of the biggest deals was for 170,000 mt of 61 percent Fe PB fines, concluded at $107.4/mt CFR for shipment during the August 30-September 8 period. Another deal was for 150,000 mt of 61.5 percent Fe fines at the August index + $3.5/mt. Trading at Chinese ports has been also active on Thursday.

During the given week, import iron ore prices in China edged down slightly amid increasing iron ore shipments from the main Australian miners and rising volumes of iron ore arriving at Chinese ports. The inventory of iron ore at Chinese ports has increased, exerting a negative impact on iron ore prices.

However, on Wednesday and Thursday, prices have come back to above $110/mt CFR. Market players are cautious as regards the future prospects for the iron ore market as ore prices are at relatively high levels. It is thought that iron ore prices will fluctuate within a limited range in the coming week.

Iron ore futures prices at Dalian Commodity Exchange have edged up by 1.02 percent today from yesterday’s level, coming to RMB 840/mt ($120.2/mt), while decreasing by 0.65 percent compared to July 23.

On Thursday, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,767/mt ($544.5/mt), decreasing by RMB 39/mt ($5.6/mt) or 1.0 percent since July 23, while increasing by 0.51 percent compared to the previous trading day.  

Imported iron ore prices in China (week-on-week basis)

Product name

Iron
Content

Truck loaded price
(RMB/mt)

Change
(RMB/mt)

Price
($/mt)

Change
($/mt)

Newman iron ore lump

63/63.5

871

-5

124.6

-0.7

Yandi fines

58 / 59

735

-3

105.2

-0.4

PB Fines

62

848

-2

121.3

-0.3

PB iron ore lump

62/63

873

-5

124.9

-0.7

Brazil fines

63

877

-7

125.5

-1.0

Price includes VAT.  

Nationwide iron ore concentrate prices (66 percent Fe)

Place of origin

Market price RMB/mt, Incl. VAT)

Change
(RMB/mt)

Price$/mt)

Change
($/mt)

Tangshan

860

7

123

1

Beipiao

791

0

113

0

Price includes VAT. 

$1 = RMB 6.9902

 


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