Import iron ore prices in China have decreased again on November 18, on both daily and weekly terms, as the outlook for demand has been weak due to prolonged steel production restrictions and no improvement in steel consumption and prices.
Iron ore fines with 62 percent Fe content have edged down by $3.3/mt compared to November 17, to $87.2/mt CFR. This level is $5.9/mt below that seen a week ago on November 11.
Brazilian iron ore with 65 percent Fe has moved down by also $3.3/mt from yesterday to $102.7/mt CFR, down $6.5/mt week on week, SteelOrbis has learned.
On November 18, only three deals of 30,000 mt of iron ore from ports have been concluded at trading platforms, signaling cautious buyers’ sentiment.
During the given week, import iron ore prices have edged down amid the oversupply situation. The steel output has been at relatively low level, weakening the demand for import iron ore. Moreover, the bearish sentiments prevailed among market players as the restriction measures for crude steel in Handan have been prolonged by the end of the year, while red-alert for emissions in Tangshan, another city in Hebei Province, has continued. It is thought that import iron ore prices may move down further in the coming week amid the anticipated increasing inventory level at ports.
Iron ore futures prices at Dalian Commodity Exchange (main contract i2201) have moved down by 5.1 percent today, coming to RMB 511.5/mt ($80.2/mt) compared to November 17, while declined by RMB 59/mt ($9.3/mt) or 10.34 percent compared to November 11.
As of Thursday, November 18, rebar futures at the Shanghai Futures Exchange are standing at RMB 4,169/mt ($653.4/mt), decreasing by RMB 274/mt ($33.8/mt) or 6.2 percent since November 11, while decreasing by 0.05 percent compared to the previous trading day (November 17).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
740 |
-30 |
116.0 |
-4.0 |
|
Yandi fines |
58 / 59 |
465 |
-43 |
72.9 |
-6.3 |
|
PB Fines |
62 |
595 |
-14 |
93.3 |
-1.7 |
|
PB iron ore lump |
62/63 |
745 |
-40 |
116.8 |
-5.6 |
|
Brazil fines |
63 |
631 |
-28 |
98.9 |
-3.8 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
790 |
-109 |
124 |
-16 |
|
Beipiao |
746 |
-68 |
117 |
-10 |
Price includes VAT.
$1 = RMB 6.3803