Iron ore prices for China have rebounded today, November 28 as trading activity has slightly improved and futures have moved up, but the overall outlook has remained bearish due to the weakness of domestic steel demand.
Iron ore fines with 62 percent Fe content have gained $1/mt today to $87.6/mt CFR, while Brazilian iron ore with 65 percent Fe has gained $1.3/mt to $99.6/mt CFR, SteelOrbis has learned.
At the COREX platform, there has been one deal today for 170,000 mt of BRBF fines with 62 percent Fe content at $88/mt CFR for shipment between December 26 and January 4. Moreover, the same volume of Pilbara fines has been traded at GlobalOre at $87.2/mt CFR for shipment in early January.
Some iron ore traders started have continued to build up stocks, which has bolstered the iron ore market. Moreover, iron ore futures prices at Dalian Commodity Exchange have gained RMB 4.5/mt ($0.6/mt) or 0.7 percent today, coming to RMB 649.5/mt ($92.4/mt).
On November 27, China’s Ministry of Finance issued a quota of special local government bonds for 2020 worth RMB 1.0 trillion ($0.14 trillion) in advance of next year, equal to 47 percent of the amount issued for 2019, which exerted a positive impact on the Chinese futures market, with the downtrend in the ferrous metal futures market switching to an upward trend today. However, sentiments in the market is still mostly cautious because demand for steel has started to slacken from the peak levels seen during the past few weeks.
Rebar futures at Shanghai Future Exchange have increased by RMB 13/mt ($1.85/mt) or 0.36 percent on Thursday, November 28, compared to the previous trading day, while they lost 1.95 percent and 1.24 percent on Tuesday and Wednesday, respectively, reflecting the bearish sentiment that has started to prevail among participants in the futures market.
Imported iron ore prices (week-on-week basis)
Product Name |
Port |
Iron |
Place of origin |
Truck loaded price |
Change |
Price |
Change |
Newman iron ore lump |
Qingdao |
63/63.5 |
Australia |
813 |
+15 |
115.7 |
+2.1 |
Brazil fines |
63 |
Brazil |
665 |
+10 |
94.6 |
+1.4 |
|
Yandi fines |
58 / 59 |
Australia |
575 |
+13 |
81.8 |
+1.8 |
|
PB Fines |
62 |
Australia |
650 |
+4 |
92.5 |
+0.5 |
|
PB iron ore lump |
62/63 |
Australia |
808 |
+16 |
115.0 |
+2.2 |
Prices include VAT.
Nationwide iron ore concentrate prices
Product Name |
Specification |
Place of Origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
Iron ore concentrate |
damp base (iron content: 66 percent) |
Tangshan |
733 |
+4 |
104 |
0 |
Iron ore concentrate |
damp base (iron content: 66 percent) |
Beipiao |
667 |
-11 |
95 |
-2 |
Prices include VAT.
$1 = RMB 7.027