Iron ore prices in China have been fluctuating in a limited range this week as there was more downward pressure on prices after China canceled the ban on the usage of BHP’s iron ore after reaching a long-term agreement. But later in the week prices received some slight support mainly because of the upcoming holiday and the firm steel market.
Iron ore with 62 percent Fe content stands at $109.95/mt CFR, adding $0.5/mt from the previous day and over the past week. Prices for fines with 65 percent Fe content stand at $125.35/mt CFR. Increasing slightly by $0.45/mt from yesterday, but slightly down by $0.2/mt from last week.
32 deals totaling 585,300 mt of iron ore have been signed at the Corex platform on April 30. In particular, 34,400 mt of 60.41 percent Fe FMG ultra fines were sold at RMB 742/mt ($108.2/mt), for delivery at Tianjin port, and 20,000 mt of 57.84 percent Fe MB lumps were transacted at RMB 770/mt ($112.2/mt), for delivery at Rizhao port.
On April 30, the Iron Ore Portside Index (61% Fe Qingdao) and the Iron Ore Portside Index (61% Fe Caofeidian) stand at RMB 778/wmt and RMB 788/wmt, with the US$/dmt equivalents standing at $106.11 and $106.83, respectively.
During the given week, there have been sufficient supplies to the spot market, which will be the main factor affecting the market after the holidays. Most steelmakers have completed stock replenishments ahead of the Labor Day holiday (May 1-5), resulting in the slowing of trading activity. Molten iron output has declined slightly, exerting a negative impact on iron ore prices. After the holiday, molten iron output is expected to increase, which will bolster iron ore prices. It is thought that iron ore prices in the Chinese market will likely fluctuate within a limited range in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have increased by 1.6 percent today to RMB 796/mt ($116.0/mt) compared to the previous trading day, April 29, while rising by 1.6 percent compared to April 23.
As of April 30, rebar futures at Shanghai Futures Exchange are standing at RMB 3,214/mt ($468.5/mt), increasing by RMB 33/mt ($7.0/mt) or 1.0 percent since April 23, while up 1.04 percent compared to the previous trading day, April 29.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 911 | -1 | 132.7 | -0.1 |
| Yandi fines | 58 / 59 | 762 | -3 | 111.0 | -0.4 |
| PB Fines | 62 | 776 | -3 | 113.1 | -0.4 |
| PB iron ore lump | 62/63 | 930 | 8 | 135.5 | 1.2 |
| Brazil fines | 63 | 813 | -2 | 118.5 | -0.3 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 876 | -5 | 128 | -1 |
| Beipiao | 848 | 0 | 124 | 0 |
Price includes VAT.
$1 = RMB 6.8628
