Import iron ore prices in China have moved down sharply today, Thursday, October 17, after iron ore futures prices decreased by 5.99 percent on the same day compared to October 16. The weak steel market and high iron ore supply have impacted sentiments.
Iron ore fines with 62 percent Fe content have indicated a drop of $4.35/mt on October 17 to $99.65/mt CFR. This level is $3.55/mt below that seen on October 10. Brazilian iron ore with 65 percent Fe has decreased by $4.4/mt on October 17 to $115.2/mt CFR, while down $2.15/mt week on week, SteelOrbis has learned.
24 deals for a total of 269,200 mt of iron ore have been done at the Corex platform on October 17. In particular, 3,350 mt of 63.31 percent fines have been transacted at RMB 785/mt ($110.2/mt).
During the given week, import iron ore prices in the Chinese domestic market have fluctuated within a limited range, though indicating big declines on October 17 amid the sharp drops in futures prices. China issued several stimulus policies to boost economic development after the long National Day holiday, but they have fallen short of market players’ expectations, resulting in the cooling of market sentiments. Inventory of iron ore at ports has increased slightly, weakening the support for prices. At the same time, global iron ore shipments have increased in the past quarter and are expected to remain at high levels in the coming week, which will exert a negative impact on ore prices. It is thought that import iron ore prices in China may fluctuate within a limited range in the coming week, with some negative bias.
Iron ore futures prices at Dalian Commodity Exchange have decreased by 5.99 percent today to RMB 746/mt ($104.7/mt) compared to the previous trading day, October 16, while decreasing by RMB 29.5/mt ($4.1/mt) compared to October 10.
As of October 17, rebar futures at Shanghai Futures Exchange are standing at RMB 3,300/mt ($463/mt), decreasing by RMB 142/mt ($23/mt) or 4.1 percent since October 10, while down 5.01 percent compared to the previous trading day, October 16.
Imported iron ore prices in China (week-on-week basis)
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
Newman iron ore lump |
63/63.5 |
896 |
0 |
125.8 |
-0.9 |
Yandi fines |
58 / 59 |
740 |
12 |
103.9 |
1.0 |
PB Fines |
62 |
780 |
12 |
109.5 |
1.0 |
PB iron ore lump |
62/63 |
901 |
11 |
126.5 |
0.7 |
Brazil fines |
63 |
785 |
12 |
110.2 |
0.9 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
Tangshan |
896 |
9 |
126 |
0 |
Beipiao |
842 |
0 |
118 |
-1 |
Price includes VAT.
$1 = RMB 7.122