Iron ore prices in China have rebounded slightly today, January 29, compared to the previous day, and also compared to last week, mainly on the back of sentiments and expectations, while the market fundamentals are almost unchanged from the previous week.
On January 29, the prices for ex-Australia iron ore fines with 62 percent Fe content have settled at $106.7/mt CFR, moving up by $1.7/mt from the previous day and up $1.5/mt over the past week. The price for fines with 65 percent Fe content stands at $120/mt CFR, increasing by $1.5/mt from yesterday and by $1.7/mt from last week.
36 deals totaling 669,700 mt of iron ore have been signed at the Corex platform on January 29, signaling better demand compared to the previous day. In particular, 50,000 mt of 60.5 percent Fe fines were transacted at RMB 798/mt ($114.3/mt), for delivery at Tianjin port, while 20,000 mt of 56.23 percent Fe FMG ultra fines were sold at RMB 690/mt ($99/mt), for delivery at Tianjin port.
On January 29, Corex’s Iron Ore Portside Index (61% Fe Qingdao) and Iron Ore Portside Index (61% Fe Caofeidian) stand at RMB 801/wmt and RMB 811/wmt, or at $107.64/dmt and $108.67/dmt on US dollar basis.
Import iron ore prices have edged up slightly over the past week amid the increasing iron ore futures prices. The uptrend in precious metals has provided support for iron ore prices. However, the demand for iron ore was rather weak early this week amid the traditional cold winter offseason, though today trading has been better from the seaborn market and from ports as some mills plan higher steel production in March. As for the coming week, the delivery of seaborne iron ore may decrease further, which will result in declining inventories at ports, likely bolstering prices to a certain degree. It is thought that import iron ore prices in the Chinese market will fluctuate within a limited range in the coming week, with a gradual upward bias.
Iron ore futures prices at Dalian Commodity Exchange have increased by 1.78 percent today to RMB 798.5/mt ($114.4/mt) compared to the previous trading day, January 28, while rising by 1.5 percent compared to January 22.
As of January 29, rebar futures at Shanghai Futures Exchange are standing at RMB 3,157/mt ($452/mt), increasing by RMB 33/mt ($4.7/mt) or 1.1 percent since January 22, while up 1.12 percent compared to the previous trading day, January 28.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 868 | 4 | 124.4 | 1.0 |
| Yandi fines | 58 / 59 | 783 | 2 | 112.2 | 0.7 |
| PB Fines | 62 | 797 | 2 | 114.2 | 0.7 |
| PB iron ore lump | 62/63 | 867 | 1 | 124.3 | 0.6 |
| Brazil fines | 63 | 821 | 1 | 117.7 | 0.6 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 878 | 5 | 126 | 1 |
| Beipiao | 853 | 0 | 122 | 0 |
Price includes VAT.
$1 = RMB 6.9771