Iron ore prices in China have moved down over the past week amid some softening of sentiments with lower futures prices and stable to weak demand. However, since freight costs are still high, this has prevented prices from recording any sharp fall, and the outlook is also from stable to just slightly negative.
The price for iron ore with 62 percent Fe content is at $109.5/mt CFR, losing $0.35/mt from the previous day and down $0.6/mt over the past week. At the same time, fines with 65 percent Fe are at $126.2/mt CFR, decreasing by $0.4/mt from a day earlier, while also down by $1.4/mt compared to last week.
31 deals totaling 501,400 mt of iron ore have been signed at the Corex platform on April 2. In particular, 30,000 mt of 60.25 percent Fe Mac fines were transacted at RMB 769/mt ($111.4/mt), for delivery to Jiangyin port, while 20,000 mt of 55.12 percent Fe high-Si Brazilian coarse ore were sold at RMB 586/mt ($84.9/mt), for delivery to Jingtang port.
On April 2, the Corex Iron Ore Portside Index (61% Fe Qingdao) and Iron Ore Portside Index (61% Fe Caofeidian) are at RMB 774/wmt and RMB 788/wmt, with the USD/dmt equivalents standing at $104.55 and $105.82.
During the given week, import iron ore prices have edged down amid a softening of sentiments in a context of lower futures prices, cost pressure on mills and the ongoing war in the Middle East. Import iron ore arriving at ports has increased in the given week, resulting in sufficient supplies at ports, while traders’ activities have been lower than expected, exerting a negative impact on prices. Iron ore port stocks were at 170 million mt in late March, only slightly down by less than one million mt month on month.
Demand for finished steel has improved in the traditional peak season, contributing to decreasing inventories, while steelmakers have been willing to produce. The production of molten iron has increased compared to the previous week, but, with high port stocks, demand for seaborn iron ore has not been strong. It is thought that iron ore prices in the Chinese market will fluctuate within a limited range in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have decreased by 1.29 percent today to RMB 805/mt ($117/mt) compared to the previous trading day, April 1, while declining by 1.5 percent compared to March 26.
As of April 2, rebar futures at Shanghai Futures Exchange are standing at RMB 3,106/mt ($450/mt), decreasing by RMB 22/mt ($3.2/mt) or 0.7 percent since March 26, while down 0.67 percent compared to the previous trading day, April 1.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 876 | -23 | 127.2 | -3.0 |
| Yandi fines | 58 / 59 | 756 | -25 | 109.8 | -3.3 |
| PB Fines | 62 | 770 | -25 | 111.8 | -3.3 |
| PB iron ore lump | 62/63 | 889 | -16 | 129.1 | -2.0 |
| Brazil fines | 63 | 804 | -21 | 116.7 | -2.7 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 868 | -4 | 126 | 0 |
| Beipiao | 853 | 0 | 124 | 0 |
Price includes VAT.
$1 = RMB 6.888
