Import iron ore prices in China mostly move up slightly

As of March 28, prices of import iron ore for China have mainly increased slightly on week-on-week basis, while transaction activity for import iron ore in the past week has been at medium levels. At the same time, traders’ offers of domestic production iron ore have been stable in Liaoning Province and Tangshan, with overall transaction activity for domestic production ore at low levels. 

At present, Indian fine ores of 63.5 percent grade are offered at $90.8/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $103/mt and prices of the same material are at $99/mt in Beipiao, Liaoning, both including VAT. Prices of domestic production and imported iron ore in China are presented in the following table.

During the given week, some Chinese steelmakers have concluded purchases of import iron ore to replenish stocks, resulting in slight rises in import iron ore prices. However, the report that Vale’s Brucutu mine would resume production exerted negative pressure on import iron ore prices. With winter season steel production restrictions about to end, demand for iron ore is expected to increase. It is thought that import iron ore prices will likely move upwards in the coming week.

Imported iron ore prices

The prices are deal prices in local market.  

16 percent VAT is included in all prices and all prices are ex-warehouse. 

Domestic iron ore prices in local Chinese market

16 percent VAT is excluded in all prices and all prices are ex-warehouse.

$1 = 6.73 RMB