Iron ore prices in China have edged up in the past week, reflecting the slow improvement seen in futures and steel prices, though fundamentally the market has not changed much.
On October 23, the price for ex-Australia iron ore fines with 62 percent Fe content settled at $105/mt CFR, up by $0.6/mt from the previous day and up $0.5/mt over the past week. Ex-Brazil fines with 65 percent Fe content are priced at $119.9/mt CFR, $0.5/mt higher compared to the previous trading day and $0.4/mt higher compared to last week.
22 deals totaling 484,600 mt of iron ore have been signed at the Corex platform on October 23. In particular, 170,000 mt of 61 percent Fe PB fines were sold at $103.05/mt CFR, for shipment during November 28-December 7. Yesterday, the same grade fines were traded at $102.72/mt CFR, meaning that a price improvement has been seen even though overall trading has been stable or not very active in terms of volumes.
On October 23, Iron Ore Portside Index (61% Fe Qingdao) and Iron Ore Portside Index (61% Fe Caofeidian) at Corex were at RMB 777/wmt and RMB 785/wmt, with the dollar equivalents standing at $101.7/mt and $102.44/mt, respectively.
During the given week, iron ore prices in the Chinese market have edged up, while both supply and demand for iron ore have increased. The molten iron output in China is still at relatively high levels, exerting a positive impact on iron ore prices. As for finished steel, the demand for flat steel has improved more than expected amid decreasing inventories. Market players expect some stimulus policies to be issued following the 4th Plenary Session of the 20th CPC Central Committee, which will positively affect the iron ore market. It is thought that iron ore prices may edge up slightly in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have increased by 0.39 percent today to RMB 777/mt ($109.4/mt) compared to the previous trading day, October 22, while decreasing by 1.7 percent compared to October 16.
As of October 23, rebar futures at Shanghai Futures Exchange are standing at RMB 3,071/mt ($432.5/mt), increasing by RMB 22/mt ($3.1/mt) or 0.7 percent since October 16, while up 0.43 percent compared to the previous trading day, October 22.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 902 | 12 | 127.2 | 1.8 |
| Yandi fines | 58 / 59 | 767 | 11 | 108.2 | 1.6 |
| PB Fines | 62 | 781 | 11 | 110.1 | 1.6 |
| PB iron ore lump | 62/63 | 910 | 9 | 128.3 | 1.4 |
| Brazil fines | 63 | 816 | 11 | 115.1 | 1.6 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 919 | 7 | 130 | 1 |
| Beipiao | 848 | 0 | 120 | 0 |
Price includes VAT.
$1 = RMB 7.0918