Iron ore prices in China have edged down slightly in the past week amid the slow inventory consumption rate, even though today prices inched up a bit amid rises in futures, while fundamentals are likely to stay weak in the near future.
On June 19, prices for ex-Australia iron ore fines with 62 percent Fe content are at $92.45/mt CFR, up by $0.3/mt from the previous day, while down by $2.3/mt over the past week. Also, ex-Brazil fines with 65 percent Fe are priced at $101.95/mt CFR, up $0.25/mt from the previous day, but $2.5/mt lower compared to June 12.
38 deals totaling 620,000 mt of iron ore have been signed at the Corex platform on June 19. In particular, 170,000 mt of 65 percent Fe BRBF fines were transacted at July low alumina fines index +0.4/mt for shipment during July 17-26, Also, 80,000 mt of 61.7 percent Fe Newman fines were sold at $90.3/mt CFR for shipment during July 18-27, and 15,120 mt of 58.61 percent Fe FB fines changed hands at RMB 655/mt ($91/mt), delivery at Jingtang port.
During the given week, import iron ore prices continued the downtrend amid the slow consumption rates, resulting in rising inventory levels and negatively affecting prices. The delivery of seaborne iron ore and the iron ore volume arriving at ports increased compared to the previous week, which stood at relatively high levels, weakening the support to prices. The demand for finished steel is expected to remain sluggish in the traditional off-season amid the widespread rainy weather and high temperature in summer. It is thought that import iron ore prices in the Chinese market will indicate further decreases in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have increased by 0.43 percent today to RMB 698/mt ($97/mt) compared to the previous trading day, June 18, while decreasing by 0.85 percent compared to June 12.
As of June 19, rebar futures at Shanghai Futures Exchange stand at RMB 2,986/mt ($412/mt), increasing by RMB 18/mt ($2.5/mt) or 0.6 percent since June 12, while up 0.13 percent compared to the previous trading day, June 18.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 829 | -26 | 115.6 | -3.5 |
| Yandi fines | 58 / 59 | 680 | -17 | 94.8 | -2.3 |
| PB Fines | 62 | 707 | -17 | 98.6 | -2.3 |
| PB iron ore lump | 62/63 | 855 | -17 | 119.2 | -2.3 |
| Brazil fines | 63 | 738 | -4 | 102.9 | -0.5 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 800 | -16 | 112 | -2 |
| Beipiao | 780 | -5 | 109 | 0 |
Price includes VAT.
$1 = RMB 7.1729