Iron ore prices in China have edged up over the past week, but in much smaller pace as it was in the previous weeks as prices have already risen to $110/mt CFR, so steel mills in China have been facing rising costs and slower steel sales.
On March 19, the price for ex-Australia iron ore fines with 62 percent Fe content has been at $110.1/mt CFR, decreasing by $0.2/mt over a day, but slightly up by $0.5/mt over a week. Market sources believe that after the previous rises and crossing the psychological level of $110/mt CFR, prices have lost the rising sentiment. Fines with 65 percent Fe content have been settled at $127.8/mt CFR, down by $0.3/mt over a day, but up by $0.2/mt over a week.
20 deals totaling 366,600 mt of iron ore have been signed at the Corex platform on March 19. In particular, 20,000 mt of 60.47 percent Fe fines dealt at RMB 780/mt ($113/mt), delivery at Tianjin port, 16,000 mt of 56.63 percent fines were sold at RMB 674/mt ($97.7/mt), delivery at Tianjin port and 14,000 mt of 63.95 percent Fe lump transacted at RMB 955/mt ($138.4/mt), delivery at Huanghua port.
On March 19, Corex Iron Ore Portside Index (61% Fe Qingdao) and Iron Ore Portside Index (61% Fe Caofeidian) were at RMB 789/wmt and RMB 806/wmt, with USD/dmt equivalence standing at $106.63 and $108.32.
During the given week, import iron ore prices have indicated further rises amid the higher crude oil prices caused by the escalating tensions in the Middle East. Meanwhile, the freight costs continued to move up. Following the Two Sessions, molten iron outputs increased, also providing certain support to the consumption of iron ore. But iron ore imports in January-February were very high and port inventories have hit the highest since 2022, so mills have been cautious in accelerating restocking in the seaborne market and support further active rise in prices.
Dispute between China and BHP Billiton continued with mills afraid of possible ban on other grades of the iron ore from the miner.
It is thought that iron ore prices in the Chinese market will likely continue the uptrend in the coming week, but it will be slow, and only in case of further increase in steel prices.
Iron ore futures prices at Dalian Commodity Exchange have decreased by 0.55 percent today to RMB 807.5/mt ($117/mt) compared to the previous trading day, March 18, while increased by 1.5 percent compared to March 12.
As of March 19, rebar futures at Shanghai Futures Exchange are standing at RMB 3,135/mt ($452/mt), increasing by RMB 15/mt ($2.2/mt) or 0.5 percent since March 12, while down 0.51 percent compared to the previous trading day, March 18.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 891 | 5 | 129.2 | 0.7 |
| Yandi fines | 58 / 59 | 779 | 14 | 112.9 | 2.0 |
| PB Fines | 62 | 793 | 14 | 115.0 | 2.0 |
| PB iron ore lump | 62/63 | 904 | 14 | 131.1 | 2.0 |
| Brazil fines | 63 | 823 | 21 | 119.3 | 3.0 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 872 | 5 | 126 | 1 |
| Beipiao | 853 | 0 | 124 | 0 |
Price includes VAT.
$1 = RMB 6.8975