Iron ore prices in China have seen slight declines in the past week amid the slack demand for finished steel, which negatively affected the demand for iron ore.
Iron ore fines with 62 percent of Fe content have been priced at $95.2/mt CFR today, down $0.55/mt day on day, while also declined $1.5/mt week on week. At the same time, prices for ex-Brail iron ore fines with 65 percent of Fe content have settled at $104.75/mt CFR today, being $0.45/mt below the level seen yesterday and $2.3/mt down from a week ago.
Today, 17 deals totaling 561,000 mt of iron ore have been signed at the Corex platform. In particular, two deals for 170,000 mt of 61 percent Fe PB fines were done at $91.8/mt CFR for shipment during July 11-20, and $91.55/mt CFR for shipment during July 10-19, respectively. Also, 90,000 mt of 60.6 percent Fe Mac fines were sold at $91/mt CFR or shipment in the whole month of July.
During the given week, import iron ore prices have indicated further decreases amid the sluggish demand for finished steel due to the hot weather. Steelmakers’ profitability worsened compared to last week, resulting in shrinking molten iron output. Moreover, rumors about production restrictions for steel exerted a negative impact on iron ore prices. The delivery of iron ore is expected to decrease in the coming week, which might provide certain support for its prices. It is thought that import iron ore prices in the Chinese market will soften further in the coming week
Iron ore futures prices at Dalian Commodity Exchange have decreased by 0.14 percent today to RMB 701/mt ($97.4/mt) compared to the previous trading day, June 4, while decreasing by 0.85 percent compared to May 29.
As of June 5, rebar futures at Shanghai Futures Exchange are standing at RMB 2,959/mt ($411/mt), decreasing by RMB 19/mt ($2.6/mt) or 0.6 percent since May 29, while up 0.14 percent compared to the previous trading day, June 4.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 864 | -3 | 120.2 | -0.4 |
| Yandi fines | 58 / 59 | 706 | -2 | 98.2 | -0.2 |
| PB Fines | 62 | 733 | -2 | 102.0 | -0.2 |
| PB iron ore lump | 62/63 | 878 | -4 | 122.2 | -0.5 |
| Brazil fines | 63 | 754 | -1 | 104.9 | -0.1 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 823 | -5 | 115 | -1 |
| Beipiao | 785 | -6 | 109 | -1 |
Price includes VAT.
$1 = RMB 7.1865