Today, June 4, iron ore prices have edged down compared to yesterday, though transaction activity has been at decent levels. Iron ore futures prices have softened in the past two trading days, following a previously continuous rising trend, and this has impacted spot prices. Moreover, sentiments have eased in the steel market as well.
Iron ore fines with 62 percent Fe content have moved down by $2.2/mt today to $99/mt CFR, while Brazilian iron ore with 65 percent Fe has also moved down, declining by $1.9/mt to $113.5/mt CFR, SteelOrbis has learned.
A deal for 90,000 mt of 60.8 percent Fe Mac fines has been concluded at the July index plus $0.75/mt, while another deal for 170,000 mt of 65 percent Fe Carajas fines has been concluded at $113.5/mt CFR during today.
Iron ore futures prices at Dalian Commodity Exchange have edged down by 2.12 percent today or by RMB 16/mt ($2.25/mt), coming to RMB 737/mt ($103.8/mt). At the same time, this level is still 3.73 percent higher compared to May 28.
Despite today's decline, overall sentiment has not become negative so far. During the given week, steelmakers’ inventory of iron ore has decreased slightly, being already at a three-year low. Traders have been bullish towards the prospects for the future iron ore market over the week. The supply shortage of iron ore will ease amid rising shipments, sources have said, but demand will unlikely decrease much.
At the same time, some negative signals have been coming from the steel market as demand for longs has started to ease slightly late this week and falling futures have reflected the overall weakness in mood. On Thursday, rebar futures at Shanghai Future Exchange are at RMB 3,606/mt ($508/mt), decreasing by 0.93 percent or RMB 34/mt ($4.8/mt) compared to the previous trading day, while the level is RMB 108/mt ($15.2/mt) or 3.1 percent above May 28.
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
869 |
29 |
122.4 |
4.5 |
|
Yandi fines |
58 / 59 |
690 |
47 |
97.2 |
7.0 |
|
PB Fines |
62 |
770 |
49 |
108.4 |
7.3 |
|
PB iron ore lump |
62/63 |
865 |
29 |
121.8 |
4.5 |
|
Brazil fines |
63 |
837 |
46 |
117.9 |
6.9 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
787 |
22 |
111 |
4 |
|
Beipiao |
734 |
44 |
103 |
7 |
Price includes VAT.
$1 = RMB 7.1012