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