During the week ending March 16, prices of import iron ore for China have indicated a slight rising trend, while transaction activity for import iron ore has been better than in the previous week and is now at medium 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 medium levels.
At present, Indian fine ores of 63.5 percent grade are offered at $91.4/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $116/mt and prices of the same material are at $95/mt in Beipiao, Liaoning, both excluding VAT. Prices of domestic production and imported iron ore in China are presented in the following table.
During the given week, the rising trend of domestic finished steel and semi-finished steel prices in recent days has provided a certain degree of support for iron ore prices in the domestic spot market and has also contributed to an improvement in transaction activity for iron ore compared to the week before. Meanwhile, China domestic ferrous metal futures prices, especially iron ore futures prices, have moved up, also exerting a positive impact on iron ore prices. It is thought that iron ore prices in the Chinese market will likely indicate upward movement in the coming week.
Imported iron ore prices in local Chinese market
| Product Name | Name of Port | Iron Content % | Place of origin | Truck loaded price (RMB/mt) | Price($/mt) | Weekly Change (RMB/mt) |
| Newman iron ore lump | Qingdao | 63/63.5 | Australia | 705-715 | 102-104 | 0 |
| Brazil fines | 63,5 | Brazil | 665-675 | 95-96 | ↑20 | |
| Yandi fines | 58 / 59 | Australia | 575-585 | 83-85 | ↑20 | |
| PB fines | 61,5 | Australia | 675-685 | 98-99 | ↑20 | |
| PB iron ore lump | 62 | Australia | 685-695 | 99-101 | 0 | |
| Indian fine ore | 63,5 | India | 625-635 | 91-92 | ↑10 | |
| Indian fine ore | 63 | India | 615-625 | 89-90 | ↑10 | |
| Indian fine ore | 62 | India | 595-605 | 86-88 | ↑10 | |
| Indian fine ore | 61 | India | 575-585 | 83-85 | ↑10 | |
| Indian fine ore | 59 | India | 435-445 | 63-64 | ↑10 |
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 | 685 | 99 | 0 |
| damp base (iron content: 66%) | Beipiao | 560 | 81 | 0 |
17 percent VAT is excluded in all prices and all prices are ex-warehouse.
$1 = RMB 6.90