Iron ore prices in China have fluctuated within a limited range with a gradual positive bias in the past week, but even the small gains signal that there are still expectations for better steel demand in China by the end of September, while the current conditions in the steel market are rather weak with steel inventories increasing.
On September 4, prices for ex-Australia iron ore fines with 62 percent Fe content are at $104.15/mt CFR, rising by $2/mt from the previous day, while increasing by $1/mt over the past week. Also, ex-Brazil fines with 65 percent Fe are priced at $122.75/mt CFR, up $2.05/mt from the previous day, but $1.6/mt higher compared to August 28.
12 deals totaling 151,200 mt of iron ore have been signed at the Corex platform on September 4. In particular, 10,800 mt of 61.43 percent Fe PB fines were sold at RMB 785/mt ($110.6/mt), at Rizhao port.
Import iron ore prices have fluctuated within a limited range this week with a tendency to increase as the drop in supply has exceeded the declining pace of demand. The delivery of iron ore has decreased slightly, and iron ore stocks at ports have declined to 137 million mt, having remained above 138 million mt for most of August. Finished steel prices have moved down, exerting a negative impact on the iron ore market. The demand for steel may improve gradually in the near future, which will bolster iron ore prices to a certain degree. It is thought that import iron ore prices will likely edge up further in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have increased by 1.67 percent today to RMB 791.5/mt ($111.5/mt) compared to the previous trading day, September 3, while increasing by 0.1 percent compared to August 28.
As of September 4, rebar futures at Shanghai Futures Exchange are standing at RMB 3,117/mt ($439/mt), decreasing by RMB 12/mt ($1.7/mt) or 0.4 percent since August 28, while down 0.06 percent compared to the previous trading day, September 3.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 914 | -3 | 128.6 | -0.4 |
| Yandi fines | 58 / 59 | 748 | 7 | 105.3 | 1.0 |
| PB Fines | 62 | 775 | 7 | 109.1 | 1.0 |
| PB iron ore lump | 62/63 | 919 | 4 | 129.3 | 0.6 |
| Brazil fines | 63 | 792 | -10 | 111.5 | -1.4 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 887 | 0 | 125 | 0 |
| Beipiao | 831 | 0 | 117 | 0 |
Price includes VAT.
$1 = RMB 7.1052