Iron ore prices in China have moved up in the past week amid improved market sentiments given the expected rebound in the steel market after news of structural reforms to tackle overcapacity.
On July 3, prices for ex-Australia iron ore fines with 62 percent Fe content are at $95.95/mt CFR, up by $1.4/mt from the previous day, while up by $2.85/mt over the past week. Also, ex-Brazil fines with 65 percent Fe are priced at $105.75/mt CFR, up $1.5/mt from the previous day, but $2.9/mt higher compared to June 26.
20 deals totaling 381,200 mt of iron ore have been signed at the Corex platform on July 3. In particular, 170,000 mt of 61.0 percent Fe PB fines were transacted at $93.1/mt CFR for shipment during July 28-August 6, 30,000 mt of 61.81 percent Fe Newman fines were sold at RMB 730/mt ($102/mt), for delivery at Tianjin port, and 20,000 mt of 61.85 percent Fe PB fines were sold at RMB 730/mt ($102/mt), for delivery at Tianjin port.
During the given week, iron ore prices in the Chinese market have edged up slightly amid slow accumulation of inventory and rather stable demand and improvement in steel prices locally. Market sentiments improved as the Chinese authorities said they will regulate the excessive competition in the steel industry, which may reduce supply to the market and bolster finished steel prices. The shipments of iron ore in the global market are expected to be at relatively high levels in the near future, which might weaken the support for prices. It is expected that import iron ore prices in the Chinese market will fluctuate within a limited range in the coming week, but with a small positive bias.
Iron ore futures prices at Dalian Commodity Exchange have increased by 2.45 percent today to RMB 733/mt ($102.4/mt) compared to the previous trading day, July 2, while increasing by 2.3 percent compared to June 26.
As of July 3, rebar futures at Shanghai Futures Exchange are standing at RMB 3,076/mt ($430/mt), increasing by RMB 103/mt ($14.4/mt) or 3.5 percent since June 26, while up 1.45 percent compared to the previous trading day, July 2.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 843 | 14 | 117.9 | 2.1 |
| Yandi fines | 58 / 59 | 690 | 15 | 96.5 | 2.2 |
| PB Fines | 62 | 717 | 15 | 100.3 | 2.2 |
| PB iron ore lump | 62/63 | 865 | 15 | 120.9 | 2.3 |
| Brazil fines | 63 | 749 | 15 | 104.7 | 2.2 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 780 | -8 | 109 | -1 |
| Beipiao | 774 | 0 | 108 | 0 |
Price includes VAT.
$1 = RMB 7.1546