Iron ore prices in China have moved on a downtrend over the past week, following declines in futures prices early this week and slow demand, together with further rises in port inventories. In general, iron ore prices have been moving in tandem with steel prices.
On January 22, the prices for ex-Australia iron ore fines with 62 percent Fe content have been at $105.2/mt CFR, correcting up by $0.45/mt from the previous day, while down by $3/mt over the past week. Fines with 65 percent Fe content are priced at $118.3/mt CFR, rebounding by $0.5/mt from the day before, but down $3.1/mt over the past week.
23 deals totaling 518,100 mt of iron ore have been signed at the Corex platform on January 22. In particular, 20,000 mt of 60.58 percent Fe PB fines have been transacted at RMB 803/mt ($114.7/mt), for delivery at Jingtang port, 20,000 mt of 60.43 percent Fe PB fines have been transacted at RMB 784/mt ($112/mt), for delivery at Fangchenggang, and 18,600 mt of 57.78 percent Fe MB lumps have been sold at RMB 787/mt ($112.4/mt), for delivery at Tianjin port.
On January 22, Corex’s Iron Ore Portside Index (61% Fe Qingdao) and Iron Ore Portside Index (61% Fe Caofeidian) are at RMB 796/wmt and RMB 802/wmt, with the US$/dmt equivalents standing at $106.63 and $107.1.
Import iron ore prices have moved down amid increasing inventories at ports, which touched as high as 165 million mt last week. The delivery of iron ore in the global market is expected to decrease, which will reduce the inventories at ports and bolster prices to a certain degree. In the past week, other commodity prices have increased amid escalating geopolitical conflicts, exerting a positive impact on ferrous metal prices, though the upward momentum has been limited. Iron ore prices have been reacting more to the supply and demand situation rather than to sentiments, while a wave of extremely cold weather has hit China, negatively affecting the demand for steel and thereby also slackening the demand for iron ore. It is thought that import iron ore prices in the Chinese market will likely edge down in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have increased by 0.06 percent today to RMB 786.5/mt ($112.4/mt) compared to the previous trading day, January 21, while declining by 3.3 percent compared to January 15.
As of January 22, rebar futures at Shanghai Futures Exchange are standing at RMB 3,124/mt ($446/mt), decreasing by RMB 36/mt ($5.1/mt) or 1.1 percent since January 15, while up 0.35 percent compared to the previous trading day, January 21.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 864 | -23 | 123.4 | -3.1 |
| Yandi fines | 58 / 59 | 781 | -30 | 111.5 | -4.2 |
| PB Fines | 62 | 795 | -30 | 113.5 | -4.2 |
| PB iron ore lump | 62/63 | 866 | -25 | 123.7 | -3.4 |
| Brazil fines | 63 | 820 | -29 | 117.1 | -4.0 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 873 | -11 | 125 | -1 |
| Beipiao | 853 | -6 | 122 | -1 |
Price includes VAT.
$1 = RMB 7.0019