Iron ore prices in China have continued the uptrend in the past week amid the increasing futures prices, following improvement in the steel market, like the steel production cuts, which make the supply=demand healthier and expected supply reform in China. Even though this curbs mean slower iron ore consumption, as for now, increases in steel prices had higher influence.
On July 10, prices for ex-Australia iron ore fines with 62 percent Fe content are at $98.35/mt CFR, up by $2.85/mt from the previous day, while up by $2.4/mt over the past week. The price was above a $98/mt CFR mark on May 22. Also, ex-Brazil fines with 65 percent Fe are priced at $109.3/mt CFR, up $3.2/mt from the previous day, and $3.55/mt higher compared to July 3.
15 deals totaling 400,600 mt of iron ore have been signed at the Corex platform on July 10. In particular, 170,000 mt of 62.0 percent Fe BRBF fines were transacted at $99.95/mt CFR for shipment during August 14-23. Also, 7,440 mt of 56.57 percent Fe FMG ultra fines were sold at RMB 622/mt ($87/mt), delivery at Tianjin port, and 7,000 mt of 64.24 percent Fe lump dealt at RMB 897/mt ($125.5/mt), delivery at Dongjiakou port.
During the given week, iron ore prices in the Chinese market have seen slight uptrend amid the improved market sentiments. Steelmakers in Tangshan, a major steelmaking hub in northern China have been required to reduce production, resulting in improved market sentiments due to the anticipated decreasing supply to the market. Finished steel prices moved up, exerting a positive impact on iron ore prices. The shipment of seaborne iron ore is likely to decline in the coming week, which might bolster its prices to a certain degree. However, molten iron output is expected to decrease, which will likely reduce the consumption of iron ore. It is thought that import iron ore prices may continue to fluctuate within a limited range in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have increased by 3.67 percent today to RMB 763.5/mt ($106.8/mt) compared to the previous trading day, July 9, while increasing by 4.2 percent compared to July 3.
As of July 10, rebar futures at Shanghai Futures Exchange are standing at RMB 3,123/mt ($430/mt), increasing by RMB 47/mt ($6.6/mt) or 1.5 percent since July 3, while up 1.89 percent compared to the previous trading day, July 9.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 863 | 20 | 120.7 | 2.8 |
| Yandi fines | 58 / 59 | 711 | 21 | 99.4 | 3.0 |
| PB Fines | 62 | 738 | 21 | 103.2 | 3.0 |
| PB iron ore lump | 62/63 | 885 | 20 | 123.8 | 2.8 |
| Brazil fines | 63 | 769 | 20 | 107.5 | 2.8 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 777 | -3 | 109 | 0 |
| Beipiao | 780 | 6 | 109 | 1 |
Price includes VAT.
$1 = RMB 7.151