During the week ending May 31, prices of import iron ore for China have indicated slight fluctuations, while transaction activity for import iron ore in the past week has been at low levels. At the same time, traders’ offers of domestic production iron ore have remained stable in Tangshan and Liaoning Province, with overall transaction activity for domestic production ore at low-to-medium levels.
At present, Indian fine ores of 63.5 percent grade are offered at $67.8/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $86/mt and prices of the same material are at $83/mt in Beipiao, Liaoning, both including VAT. Prices of domestic production and imported iron ore in China are presented in the following table.
During the given week, demand for import iron ore has been slack, resulting in low trading activities. Iron ore futures prices at Dalian Commodity Exchange (DCE) have moved sideways. As the Shanghai Cooperation Organization Summit (SCO) 2018 is approaching, production cuts will be implemented in China, especially in Shandong Province where the summit will be held in June, which will exert a negative impact on demand for iron ore. It is thought that import iron ore prices will likely edge down in the coming week.
Imported iron ore prices
|
Product Name |
Name of Port |
Iron Content % |
Place of origin |
Truck loaded price (RMB/mt) |
Price($/mt) |
Weekly Change (RMB/mt) |
|
Newman iron ore lump |
Qingdao |
63/63.5 |
Australia |
580-590 |
90-92 |
↑2 |
|
Brazil fines |
63,5 |
Brazil |
452-462 |
71-72 |
↑5 |
|
|
Yandi fines |
58 / 59 |
Australia |
372-382 |
58-60 |
↓2 |
|
|
PB fines |
61,5 |
Australia |
445-455 |
69-71 |
↑3 |
|
|
PB iron ore lump |
62 |
Australia |
565-575 |
88-90 |
↑2 |
|
|
Indian fine ore |
63,5 |
India |
429-439 |
67-68 |
↓1 |
|
|
Indian fine ore |
63 |
India |
419-429 |
65-67 |
↓1 |
|
|
Indian fine ore |
62 |
India |
399-409 |
62-64 |
↓1 |
|
|
Indian fine ore |
61 |
India |
379-389 |
59-61 |
↓1 |
|
|
Indian fine ore |
59 |
India |
303-313 |
47-49 |
0 |
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) |
|
Domestic iron ore concentrate |
damp base (iron content: 66%) |
Tangshan |
475 |
74 |
0 |
|
damp base (iron content: 66%) |
Beipiao |
460 |
72 |
0 |
16 percent VAT is excluded in all prices and all prices are ex-warehouse.
$1 = RMB 6.41