Iron ore prices in China have indicated decreases in the week ending March 20 amid the uncertain trend in the steel market and insufficient demand together with relatively high port stocks, while the outlook has been rather stable.
Today, March 20, prices for ex-Australia iron ore fines with 62 percent Fe content have been at $101.15/mt CFR, up $0.15/mt from yesterday, while down $2/mt week on week. Also, ex-Brazil fines with 65 percent Fe are priced at $114/mt CFR, remaining stable compared to yesterday, while decreasing by $3.15/mt over the past week.
In particular, 43 deals for a total of 626,200 mt iron ore have been done on March 20 at the Corex platform, including 170,000 mt of 62 percent Fe BRBF fines sold at $101.05/mt CFR, for shipment during April 20-29. Also, 15,000 mt of 62.71 percent Fe fines were traded at RMB 755/mt ($105.3/mt), delivered to port.
During the given week, import iron ore prices in the Chinese market have moved down as steelmakers chose to keep relatively low inventory levels. Inventories of iron ore at ports have been at high levels amid sufficient supplies, exerting a negative impact on prices. Though market players have been cautious as regards the steel market, molten iron output is expected to increase in the near future, which will provide support for iron ore prices. The deliveries of iron ore to the global market will decrease, likely bolstering prices. It is expected that import iron ore prices will fluctuate within a limited range in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have decreased by 0.46 percent today to RMB 762/mt ($106.3/mt) compared to the previous trading day, March 19, while decreasing by RMB 18/mt ($1/mt) compared to March 13.
As of March 20, rebar futures at Shanghai Futures Exchange are standing at RMB 3,176/mt ($443/mt), decreasing by RMB 80/mt ($6.6/mt) or 2.5 percent since March 13, while up 0.22 percent compared to the previous trading day, March 19.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 879 | -17 | 122.5 | -2.4 |
| Yandi fines | 58/59 | 732 | -14 | 102.0 | -2.0 |
| PB Fines | 62 | 761 | -14 | 106.1 | -2.0 |
| PB iron ore lump | 62/63 | 889 | -18 | 123.9 | -2.5 |
| Brazil fines | 63 | 769 | -15 | 107.2 | -2.1 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 862 | -2 | 120 | 0 |
| Beipiao | 819 | -6 | 114 | -1 |
Price includes VAT.
$1 = RMB 7.1754