Import iron ore prices in China move on a soft trend

Thursday, 21 March 2019 15:05:16 (GMT+3)   |   Shanghai
       

As of March 21, prices of import iron ore for China have decreased on week-on-week basis, 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 been stable in Liaoning Province, though indicating slight declines in 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 $93.6/mt at Qingdao port. Meanwhile, quotations of 66 percent iron ore concentrate in Tangshan stand at $104/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.

The suspension of production at Brazilian miner Vale’s Timbopeba mine by local court order on March 15 exerted a positive impact on import iron ore prices at the beginning of the given week. However, later Vale has announced that its Brucutu mine had received approval for the resumption of production, which resulted in significant decreases in iron ore futures prices at Dalian Commodity Exchange (DCE) on March 20, also negatively affecting import iron ore prices in the spot market. Some iron ore traders have been willing to negotiate on their offer prices, while Chinese steelmakers have been maintaining a wait-and-see stance in order to gain a clearer picture of the market prospects. It is expected that import iron ore prices in the Chinese market will move on a soft trend 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

848-858

127-128

↓19

Brazil fines

63,5

Brazil

639-649

96-97

↓7

Yandi fines

58 / 59

Australia

555-565

83-85

↓5

PB fines

61,5

Australia

605-615

90-92

↓8

PB iron ore lump

62

Australia

838-848

125-127

↓7

Indian fine ore

63,5

India

605-615

90-92

↓18

Indian fine ore

63

India

590-600

88-90

↓13

Indian fine ore

62

India

575-585

86-87

↓8

Indian fine ore

61

India

550-560

82-84

↓13

Indian fine ore

59

India

525-535

78-80

↓5

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

597

89

↓3

damp base (ironcontent: 66%)

Beipiao

575

86

0

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

$1 = 6.69 RMB


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