Import iron ore prices in China move up sharply

Thursday, 30 May 2019 15:27:46 (GMT+3)   |   Shanghai
       

During the week ending May 30, prices of import iron ore for China have continued to move up sharply, 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 moved on a rising trend in Tangshan, though remaining stable in Liaoning Province, with overall transaction activity for domestic production ore at medium levels. 

At present, Indian fine ores of 63.5 percent grade are offered at $110/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $109/mt and prices of the same material are at $105/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, Brazil’s National Mining Agency (ANM) on May 27 announced that the northern slope of Vale’s Soco mine located in the Congo was moving at a speed of 15.5 cm per day and could collapse at any time. This warning has raised market participants’ concerns regards iron ore supply in the coming period. Due to rapid growth in newly-started construction work in China, capacity utilization rates of domestic blast furnaces are observed to be at high levels. Currently, import iron ore prices are at elevated levels, while iron ore shipments are unlikely to recover and demand from downstream users is not expected to maintain its current strength. It is expected that import iron ore prices in the Chinese market will 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

976-986

141-143

↑44

Brazil fines

63,5

Brazil

835-845

121-122

↑45

Yandi fines

58 / 59

Australia

738-748

107-108

↑50

PB fines

61,5

Australia

760-770

110-111

↑34

PB iron ore lump

62

Australia

972-982

141-142

↑44

Indian fine ore

63,5

India

755-765

109111

↑22

Indian fine ore

63

India

745-755

108-109

↑24

Indian fine ore

62

India

733-743

106-108

↑27

Indian fine ore

61

India

718-728

104-105

↑37

Indian fine ore

59

India

672-682

97-99

↑22

 

The prices are deal prices in local market.  

13 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

669

97

↑12

damp base (ironcontent: 66%)

Beipiao

645

93

0

 

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

$1 = 6.91 RMB


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