Import iron ore prices in China move on a decreasing trend

Thursday, 28 February 2019 14:53:14 (GMT+3)   |   Shanghai
       

During the week ending February 28, prices of import iron ore for China have moved on a decreasing trend, while transaction activity for import iron ore in the past week has been at low-to-medium levels. At the same time, traders’ offers of domestic production iron ore have edged down in Tangshan, though remaining stable in Liaoning Province, with overall transaction activity for domestic production ore at low levels. 

At present, Indian fine ores of 63.5 percent grade are offered at $91.6/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $101/mt and prices of the same material are at $98/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, import iron ore prices for China have moved down. Following the previous significant price rises caused by the dam collapse in Brazil, Chinese demand for import iron ore failed to provide support for the higher prices, resulting in the downward correction seen in the past week. Although steelmakers have resumed production after the recent holiday, the rainy weather conditions in eastern China have exerted a negative impact on demand for import iron ore. Meanwhile, inventories of import iron ore at Chinese ports have risen rapidly, which will negatively influence import iron ore prices. At the same time, the production cuts in northern China due to heavy pollution will drag down demand for imported ore. On the other hand, demand for finished steel is expected to improve, which will provide support for import iron ore prices. It is thought that import iron ore prices in the Chinese market will likely fluctuate within a limited range in the coming week.

 Imported iron ore prices

Product Name

Name of Port

IronContent %

Place of origin

Truck loaded price (RMB/mt)

Price($/mt)

Weekly Change (RMB/mt)

Newman iron ore lump

Qingdao

63/63.5

Australia

849-859

127-128

↓18

Brazil fines

63,5

Brazil

639-649

96-97

↓24

Yandi fines

58 / 59

Australia

558-568

83-85

↓36

PB fines

61,5

Australia

607-617

91-92

↓28

PB iron ore lump

62

Australia

827-837

124-125

↓18

Indian fine ore

63,5

India

607-617

91-92

↓21

Indian fine ore

63

India

587-597

88-89

↓21

Indian fine ore

62

India

567-577

85-86

↓21

Indian fine ore

61

India

547-557

82-83

↓21

Indian fine ore

59

India

517-527

77-79

↓14

 

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

Product

Spec.

Place of Origin

Market price excluding tax (RMB/mt)

Price ($/mt)

Weekly Change (RMB/mt)

Domesticiron oreconcentrate

damp base (ironcontent: 66%)

Tangshan

580

87

↓10

damp base (ironcontent: 66%)

Beipiao

565

84

0

 

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

$1 = 6.69 RMB


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