Iron ore prices in China are fluctuating above the $100/mt CFR mark again, indicating that sentiment has improved slightly from that seen just before the recent long holiday. However, the market is not expected to be very strong in the near future.
On February 26, the prices for ex-Australia iron ore fines with 62 percent Fe content stands at $101.55/mt CFR, edging up by $0.25/mt from the previous day and up $2.35/mt compared to February 13, the last working day before the holiday. The price for fines with 65 percent Fe content is at $117/mt CFR, adding $0.3/mt from the previous day and up $2.9/mt from February 13.
16 deals totaling 283,300 mt of iron ore have been signed at the Corex platform on February 26. In particular, 32,400 mt of 63.35 percent Fe BRBF fines were transacted at RMB 790/mt ($114.2/mt), for delivery at Dongjiakou port, while 22,320 mt of 61.6 percent Fe high-silica Brazilian coarse ore were sold at RMB 762/mt ($110.1/mt), for delivery at Tianjin port.
On February 26, Corex’s Iron Ore Portside Index (61% Fe Qingdao) and Iron Ore Portside Index (61% Fe Caofeidian) were at RMB 749/wmt and RMB 773/wmt, with the USD/dmt equivalents standing at $101.97 and $104.99.
However, other market players think there will be limited room for iron ore prices to edge up further as buyers will build up stocks slowly. It is expected that import iron ore prices in the Chinese market will rebound only by a limited margin in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have remained stable today at RMB 748.5/mt ($108.2/mt) compared to the previous trading day, February 25, while decreasing by 1.8 percent compared to February 12.
As of February 26, rebar futures at Shanghai Futures Exchange are standing at RMB 3,063/mt ($443/mt), increasing by RMB 13/mt ($1.9/mt) or 0.4 percent since February 12, while up 0.2 percent compared to the previous trading day, February 25.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 855 | -4 | 123.5 | -0.2 |
| Yandi fines | 58 / 59 | 736 | -17 | 106.3 | -2.1 |
| PB Fines | 62 | 750 | -17 | 108.3 | -2.1 |
| PB iron ore lump | 62/63 | 853 | +1 | 123.2 | +0.6 |
| Brazil fines | 63 | 775 | -9 | 111.9 | -0.9 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 850 | -17 | 123 | -2 |
| Beipiao | 853 | 0 | 123 | 0 |
Price includes VAT.
$1 = RMB 6.9228