Iron ore prices in China have indicated slight decreases in the past week as demand has been poor as reflected in significant rises in port stocks in China. The outlook is also negative, as with the current steel production cuts, iron ore consumption is likely to decline up to the end of the year.
On November 13, the price for ex-Australia iron ore fines with 62 percent Fe content stands at $103.1/mt CFR, inching up by just $0.1/mt from the previous day, but down by $1/mt compared to last week. Ex-Brazil fines with 65 percent Fe content are priced at $116/mt CFR, also up slightly by $0.1/mt from yesterday, while down by $2.4/mt on a weekly basis.
Today, the Corex Iron Ore Portside Index (61% Fe Qingdao) and the Iron Ore Portside Index (61% Fe Caofeidian) are at RMB 775/wmt and RMB 786/wmt, with the US€/dmt equivalents standing at $101.81 and $102.95, respectively.
During the given week, iron ore prices in the Chinese market have seen slight declines amid the prevailing cautious sentiments. Inventories of iron ore at some ports has increased significantly, exerting a negative impact on prices. Over the past ten days, iron ore port inventories in China have increased by almost 5 million mt, exceeding 150 million mt. The supply of iron ore has increased, while demand has slackened. It is expected that import iron ore prices may soften further in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have increased by 0.26 percent today to RMB 772.5/mt ($108.8/mt) compared to the previous trading day, November 12, while decreasing by 0.64 percent compared to November 6.
As of November 13, rebar futures at Shanghai Futures Exchange are standing at RMB 3,046/mt ($429/mt), increasing by RMB 9/mt ($1.3/mt) or 0.3 percent since November 6, while up 0.23 percent compared to the previous trading day, November 12.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 863 | -23 | 121.8 | -3.3 |
| Yandi fines | 58 / 59 | 766 | 0 | 108.1 | 0.0 |
| PB Fines | 62 | 780 | 0 | 110.1 | 0.0 |
| PB iron ore lump | 62/63 | 871 | -18 | 122.9 | -2.6 |
| Brazil fines | 63 | 818 | -1 | 115.4 | -0.2 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 907 | 0 | 128 | 0 |
| Beipiao | 848 | -11 | 120 | -2 |
Price includes VAT.
$1 = RMB 7.0865
