Iron ore prices in China have edged down slightly in the past week, following the trend in the steel market and slow demand during the off-season and due to production cuts will keep exerting pressure.
On August 21, prices for ex-Australia iron ore fines with 62 percent Fe content are at $99.95/mt CFR, rising by $0.3/mt from the previous day, while decreasing by $1.0/mt over the past week. Also, ex-Brazil fines with 65 percent Fe are priced at $117.85/mt CFR, up $0.35/mt from the previous day, but $2.05/mt lower compared to August 14.
16 deals totaling 171,400 mt of iron ore have been signed at the Corex platform on August 21. In particular, 15,000 mt of 55.19 percent Fe high-silica Brazilian ore have been transacted at RMB 590/mt ($82.7/mt), for delivery at Jingtang port, 13,720 mt of 61.49 percent Fe IOC6 have been sold at RMB 768/mt ($107.7/mt), for delivery at Tianjin port, and 11,160 mt of 56.55 percent Fe FMG ultra fines have been sold at RMB 656/mt ($92/mt), while 10,000 mt of 61.5 percent Fe Carajas fines were transacted at RMB 755/mt ($105.9/mt).
Import iron ore prices have seen slight decreases amid sluggish demand for steel in the traditional off-season, which has slackened the demand for iron ore. Delivery of seaborne iron ore has decreased slightly in the given week, resulting in declines in iron ore inventories at ports, bolstering prices to a certain degree. However, steelmakers’ profitability has declined, negatively affecting the demand for iron ore. Meanwhile, production cuts have been implemented in northern China due to the approach of the military parade in early September, which will also shrink the demand for steel. It is thought that import iron ore prices will likely edge down further in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have increased by 0.98 percent today to RMB 772.5/mt ($108.3/mt) compared to the previous trading day, August 20, while decreasing by 0.3 percent compared to August 14.
As of August 21, rebar futures at Shanghai Futures Exchange are standing at RMB 3,121/mt ($438/mt), decreasing by RMB 68/mt ($9.5/mt) or 2.1 percent since August 14, while down 0.03 percent compared to the previous trading day, August 20.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 906 | -7 | 127.1 | -0.9 |
| Yandi fines | 58 / 59 | 743 | -14 | 104.2 | -1.9 |
| PB Fines | 62 | 770 | -14 | 108.0 | -1.9 |
| PB iron ore lump | 62/63 | 916 | -14 | 128.5 | -1.9 |
| Brazil fines | 63 | 809 | -13 | 113.5 | -1.7 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 879 | -6 | 123 | -1 |
| Beipiao | 819 | 5 | 115 | 1 |
Price includes VAT.
$1 = RMB 7.1287