Iron ore prices in China have fluctuated within a limited range in the past week with minimal upward signs amid the traditional off-season for the steel market.
On June 26, prices for ex-Australia iron ore fines with 62 percent Fe content are at $93.1/mt CFR, up by $0.55/mt from the previous day, while up by $0.65/mt over the past week. Also, ex-Brazil fines with 65 percent Fe are priced at $102.85/mt CFR, up $0.6/mt from the previous day, but $0.9/mt higher compared to June 19.
31 deals totaling 631,000 mt of iron ore have been signed at the Corex platform on June 26.
In particular, 80,000 mt of 61.7 percent Fe Newman fines were transacted at $90.7/mt CFR for shipment during July 24-August 2, 33,000 mt of 61.12 percent Fe Newman fines were sold at RMB 695/mt ($97.1/mt), for delivery at Jingtang port, and 20,000 mt of 61.43 percent Fe Newman fines were sold at RMB 703/mt ($98.2/mt), for delivery at Tianjin port.
During the given week, import iron ore prices have still been under pressure amid the weak situation in the steel market during the traditional off-season. Inventory of iron ore has been at relatively low levels, bolstering prices to a certain degree. Following continuous declines in coke prices, market players think there may be limited space for raw material prices to move down further, which may provide certain support to iron ore prices. The shipments of seaborne iron ore are expected to decline, which would ease the pressure from the supply side. It is expected that import iron ore prices in the Chinese market will fluctuate within a limited range in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have increased by 0.64 percent today to RMB 705.5/mt ($98.5/mt) compared to the previous trading day, June 25, while increasing by 1.1percent compared to June 19.
As of June 26, rebar futures at Shanghai Futures Exchange are standing at RMB 2,973/mt ($412/mt), decreasing by RMB 13/mt ($1.8/mt) or 0.4 percent since June 19, while up 0.1 percent compared to the previous trading day, June 25.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 829 | 0 | 115.7 | +0.2 |
| Yandi fines | 58/59 | 675 | -5 | 94.2 | -0.6 |
| PB Fines | 62 | 702 | -5 | 98.0 | -0.5 |
| PB iron ore lump | 62/63 | 850 | -5 | 118.7 | -0.5 |
| Brazil fines | 63 | 734 | -4 | 102.5 | -0.4 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price (RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price ($/mt) | Change ($/mt) |
| Tangshan | 788 | -12 | 110 | -2 |
| Beipiao | 774 | -6 | 108 | -1 |
Price includes VAT.
$1 = RMB 7.162