Iron ore prices in China have edged down just slightly in the past week even though the situation in the steel segment remains very complicated with prices posting a decline early this week. But the outlook for the iron ore price trend is rather stable as crude steel production is expected to remain high and so consumption of iron ore will also be decent.
On October 16, prices for ex-Australia iron ore fines with 62 percent Fe content are at $104.5/mt CFR, decreasing by $0.4/mt from the previous day and down by just $0.1/mt from a week ago. Ex-Brazil fines with 65 percent Fe content were quoted at $119.5/mt CFR, down $0.5/mt from the previous day.
18 deals totaling 196,000 mt of iron ore were signed at the Corex platform on October 16. In particular, 11,160 mt of 60.34 percent Fe Mac fines were traded at RMB 780/mt ($110/mt), for delivery at Tianjin port.
On October 16, Corex’s Iron Ore Portside Index (61% Fe Qingdao) and Iron Ore Portside Index (61% Fe Caofeidian) are at RMB 770/wmt and RMB 782/wmt, with the US dollar equivalents standing at $100.72/mt and $101.99/mt, respectively.
During the given week, iron ore prices have edged down amid the sufficient supplies at ports and the decreasing trend of futures prices. Steelmakers’ profitability has decreased slightly but is still positive, and so they are still willing to produce, bolstering the outlook for iron ore. The shipment of seaborne iron ore is likely to decrease in the coming week, while molten iron output in China is expected to rise slightly. It is thought that iron ore prices may move sideways in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have increased by 0.96 percent today to RMB 773.5/mt ($108.9/mt) compared to the previous trading day, October 15, while decreasing by 1.9 percent compared to October 9.
As of October 16, rebar futures at Shanghai Futures Exchange are standing at RMB 3,049/mt ($436/mt), decreasing by RMB 47/mt ($6.6/mt) or 1.5 percent since October 9, while up 0.16 percent compared to the previous trading day, October 15.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 890 | -17 | 125.4 | -2.2 |
| Yandi fines | 58 / 59 | 756 | -4 | 106.5 | -0.4 |
| PB Fines | 62 | 770 | -11 | 108.5 | -1.3 |
| PB iron ore lump | 62/63 | 901 | -10 | 127.0 | -1.2 |
| Brazil fines | 63 | 805 | -8 | 113.4 | -0.9 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 912 | 6 | 129 | 1 |
| Beipiao | 848 | 0 | 119 | 0 |
Price includes VAT.
$1 = RMB 7.0968