Iron ore prices in China have edged down further over the past week mainly due to declines in futures and an obvious slowdown in steel demand.
Iron ore fines with 62 percent of Fe content has posted a mild decrease by $0.2/mt over a day to $106.8/mt CFR, which is $0.8/mt lower over the week. Fines with 65 percent of Fe content have been at $121.2/mt CFR, down by $0.1/mt over a day and $0.7/mt over the week.
On May 28, Corex’s Iron Ore Portside Index (61% Fe Qingdao) and Iron Ore Portside Index (61% Fe Caofeidian) stand at RMB 754/wmt and RMB 760/wmt, with USD/dmt equivalence standing at $103.48 and $103.64.
During the given week, imported iron ore prices have edged down amid widespread rainy weather, especially in southern and eastern China. Molten iron output is expected to slow, which will exert a negative impact on demand for iron ore. Finished steel prices have edged down during the given week, weakening the support for demand for iron ore. It is thought that iron ore prices in the Chinese market will soften in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have declined by 0.06 percent today to RMB 780.5/mt ($114.4/mt) compared to the previous trading day, May 27, while declining by 1.1 percent compared to May 21.
As of May 28, rebar futures at Shanghai Futures Exchange are standing at RMB 3,145/mt ($461/mt), decreasing by RMB 30/mt ($4.4/mt) or 0.9 percent since May 21, while up 0.03 percent compared to the previous trading day, May 27.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 920 | -19 | 134.8 | -2.6 |
| Yandi fines | 58 / 59 | 741 | -15 | 108.6 | -2.0 |
| PB Fines | 62 | 755 | -15 | 110.6 | -2.0 |
| PB iron ore lump | 62/63 | 933 | -12 | 136.7 | -1.5 |
| Brazil fines | 63 | 822 | -9 | 120.5 | -1.1 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 878 | -1 | 129 | 0 |
| Beipiao | 848 | 0 | 124 | 0 |
Price includes VAT.
$1 = RMB 6.824
