Import iron ore prices in China have seen a decreasing trend today, Thursday, August 10, while also continuing a slight downtrend compared to one week ago, as demand has remained slack even though the adverse weather conditions have eased.
Iron ore fines with 62 percent Fe content have decreased by $0.65/mt today to $103.2/mt CFR. This level is $0.3/mt below that seen one week ago. Brazilian iron ore with 65 percent Fe has indicated a decline of $0.5/mt on August 10 to $115.85/mt CFR, while down $1.15/mt week on week, SteelOrbis has learned.
26 deals for 341,300 mt have been concluded at the Corex platform, including a deal for 100,000 mt of 65.0 percent Carajas fines at $115.85/mt CFR for delivery on July 30.
During the given week, import iron ore prices indicated a downtrend amid the negative impact caused by Typhoon Khanun on transportation and demand. Finished steel prices also saw a downward trend, negatively affecting the iron ore market. At the same time, production restriction targets weakened market sentiment. Considering the fading effect of the typhoon, the volume of iron ore arriving at ports will likely increase in the next week, while molten iron output will also indicate a rise, which will prevent iron ore prices from recording further big declines. It is expected that import iron ore prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have decreased by 0.49 percent to RMB 714.5/mt ($99.8/mt) compared to the previous trading day (August 9). (the main iron ore contract has shifted from i2309 to i2401)
As of Thursday, August 10, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,671/mt ($513/mt), declining by RMB 57/mt ($8/mt) or down 1.5 percent since August 3, while decreasing by 0.51 percent compared to the previous trading day (August 9).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
940 |
-21 |
131.3 |
-3.1 |
|
Yandi fines |
58 / 59 |
786 |
9 |
109.8 |
1.1 |
|
PB Fines |
62 |
842 |
-16 |
117.6 |
-2.4 |
|
PB iron ore lump |
62/63 |
939 |
-18 |
131.2 |
-2.7 |
|
Brazil fines |
63 |
872 |
-16 |
121.8 |
-2.4 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
958 |
-27 |
134 |
-4 |
|
Beipiao |
893 |
-34 |
125 |
-5 |
Price includes VAT.
$1 = RMB 7.1576