Iron ore prices in China have increased over the past week, based on sentiments and expectations, while China has again attempted to gain more pricing power by restricting purchases of some grades of Australian fines.
On March 5, the price for ex-Australia iron ore fines with 62 percent Fe content stands at $103.2/mt CFR, which is up by $1.1/mt from the previous day and up $1.65/mt over the past week. At the same time, fines with 65 percent Fe content are at $119.4/mt CFR, increasing by $1.05/mt from a day earlier and up $2.4/mt week on week.
36 deals totaling 657,800 mt of iron ore have been signed at the Corex platform on March 5. In particular, 20,000 mt of 56.23 percent Fe FMG ultra fines were traded at RMB 647/mt ($93.8/mt), for delivery at Tianjin port, 16,000 mt of 60.4 percent Fe fines were sold at RMB 750/mt ($108.7/mt), for delivery at Tianjin port, while 16,000 mt of 62.07 percent Newman screened lumps were transacted at RMB 890/mt ($129/mt), for delivery at Tianjin port.
On March 5, Corex’s Iron Ore Portside Index (61% Fe Qingdao) and Iron Ore Portside Index (61% Fe Caofeidian) were at RMB 753/wmt and RMB 777/wmt, with the USD/dmt equivalent prices standing at $101.78 and $104.77.
During the given week, import iron ore prices have moved up mainly amid sentiments in China, following the recently announced government plans to support the economy. There has been some slight decline in supply and demand has improved compared to that seen during the holiday, but market sources still believe that sentiments have played the main role in pricing. The war in the Middle East may have negative effects on the transportation of import iron ore, while resulting in rising freight rates. Recent rainy weather has negatively affected construction activities in the Chinese domestic market and weakened the demand for steel. However, on March 5, China’s Premier Li Qiang delivered the government work report to the Fourth Session of the 14th National People's Congress (NPC), announcing that China is setting a GDP growth target of 4.5–5.0 percent for 2026, which will bolster market sentiments to a certain degree.
In addition, the new wave of restrictions on purchases from some Australian miners has emerged inside China. State-owned China Mineral Resources Group has advised some large buyers to reduce purchases of BHP’s Mac fines, as well as Newman fines and lumps. This is after the campaign which was started in September 2025 against BHP’s Jimblebar fines. Though the aim of these restrictions is to get more pricing power for China, for now the consequences are unclear.
It is thought that import iron ore prices in the Chinese market will continue to move up gradually in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have risen by 1.27 percent today to RMB 759/mt ($110/mt) compared to the previous trading day, March 4, while increasing by 1.4 percent compared to February 26.
As of March 5, rebar futures at Shanghai Futures Exchange are standing at RMB 3,075/mt ($446/mt), increasing by RMB 12/mt ($1.7/mt) or 0.4 percent since February 26, while up 0.1 percent compared to the previous trading day, March 4.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 882 | 27 | 127.8 | 4.3 |
| Yandi fines | 58 / 59 | 753 | 17 | 109.1 | 2.8 |
| PB Fines | 62 | 767 | 17 | 111.1 | 2.8 |
| PB iron ore lump | 62/63 | 880 | 27 | 127.5 | 4.3 |
| Brazil fines | 63 | 798 | 23 | 115.6 | 3.7 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 855 | 5 | 124 | 1 |
| Beipiao | 853 | 0 | 124 | 0 |
Price includes VAT.
$1 = RMB 6.9007