Iron ore prices in China have indicated slight declines over the past week due to high supply, rising stocks and generally weak demand for steel.
Iron ore fines with 62 percent of Fe content have posted a small decrease today, June 11, by $0.95/mt to $102.95/mt CFR, which is also $0.85/mt lower than a week ago. Prices for fines with 65 percent Fe content are at $116.9/mt CFR, losing $0.5/mt compared to yesterday and down $1.15/mt over the past week.
48 deals totaling 553,600 mt of iron ore have been signed at the Corex platform on June 11. In particular, 80,000 mt of 61.2 percent Fe Newman fines were sold at $100.4/mt CFR, for shipment during July 6-15, 20,000 mt of 61.88 percent Fe PB lumps were transacted at RMB 938/mt ($137.7/mt), for delivery at Jiangyin port, and 22,480 mt of 65.41 percent Fe fines were sold at RMB 865/mt ($127/mt), for delivery at Huanghua port.
On June 11, Corex’s Iron Ore Portside Index (61% Fe Qingdao) and Iron Ore Portside Index (61% Fe Caofeidian) were at RMB 731/wmt and RMB 737/wmt, with the US dollar/dmt equivalents standing at $100.25 and $100.41.
During the given week, import iron ore prices have edged down slightly amid the weak trend of finished steel prices, which has slackened the demand for iron ore. The supply of iron ore has increased, weakening the support for prices. Inventories of finished steel have increased, exerting a negative impact on the demand forecast for iron ore. The delivery of seaborne iron ore is anticipated to increase in the coming week, which will result in rising stock levels at ports. It is thought that iron ore prices in the Chinese market will soften further in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have declined by 0.46 percent today to RMB 764/mt ($112.4/mt) compared to the previous trading day, June 10, while declining by 0.46 percent compared to June 4.
As of June 11, rebar futures at Shanghai Futures Exchange are standing at RMB 3,156/mt ($464/mt), decreasing by RMB 1/mt ($0.15/mt) since June 4, while down 0.32 percent compared to the previous trading day, June 10.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 909 | -6 | 133.4 | -0.8 |
| Yandi fines | 58 / 59 | 725 | -11 | 106.4 | -1.5 |
| PB Fines | 62 | 739 | -11 | 108.4 | -1.5 |
| PB iron ore lump | 62/63 | 923 | -7 | 135.4 | -0.9 |
| Brazil fines | 63 | 816 | -9 | 119.7 | -1.2 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 884 | 0 | 130 | 0 |
| Beipiao | 848 | 0 | 124 | 0 |
Price includes VAT.
$1 = RMB 6.815
