In the past week, iron ore prices in China saw slight rises first and then retreated a bit later in the week, with prices just fluctuating in a narrow range. On the one hand, prices have been supported by talk about steel production cuts and the support for steel prices, while, on the other hand, overall fundamentals and especially growing inventories have been putting pressure on prices.
On August 14, prices for ex-Australia iron ore fines with 62 percent Fe content are at $100.95/mt CFR, decreasing by $1.4/mt from the previous day, while remaining stable over the past week. Also, ex-Brazil fines with 65 percent Fe are priced at $119.9/mt CFR, down $1.25/mt from the previous day, but $0.3/mt higher compared to August 7.
12 deals totaling 329,500 mt of iron ore have been signed at the Corex platform on August 14. In particular, 20,000 mt of 65.1 percent Fe Carajas fines were transacted at RMB 927/mt ($130/mt), for delivery at Caofeidian port, while 10,000 mt of 63.23 percent Fe fines were sold at RMB 764/mt ($107.1/mt), for delivery to another port.
Import iron ore prices have seen slight rises early this week amid the anticipation of production halts in the steel market, which pushed up finished steel prices, exerting a positive impact on iron ore prices. However, typhoon PODUL has negatively affected the transportation of imported iron ore, resulting in increasing inventory at ports. The improved profitability on the steelmakers’ side has provided some support for import iron ore prices. However, the rising inventory levels of iron ore may weaken prices in the near future. It is expected that import iron ore prices will likely soften in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have decreased by 2.94 percent today to RMB 775/mt ($109/mt) compared to the previous trading day, August 13, while decreasing by 2.3 percent compared to August 7.
As of August 14, rebar futures at Shanghai Futures Exchange are standing at RMB 3,189/mt ($447/mt), decreasing by RMB 42/mt ($6/mt) or 1.3 percent since August 7, while down 1.82 percent compared to the previous trading day, August 13.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 913 | 13 | 128.0 | 1.8 |
| Yandi fines | 58 / 59 | 757 | 10 | 106.1 | 1.4 |
| PB Fines | 62 | 784 | 10 | 109.9 | 1.4 |
| PB iron ore lump | 62/63 | 930 | 6 | 130.4 | 0.9 |
| Brazil fines | 63 | 822 | 21 | 115.2 | 3.0 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 885 | 28 | 124 | 4 |
| Beipiao | 814 | 12 | 114 | 2 |
Price includes VAT.
$1 = RMB 7.1337