Import iron ore prices in China have edge down today, February 13, but are up slightly week on week and in general the raw material’s performance has been better than steel as supply concerns have emerged with the main ports in Western Australia halting operations due to the approaching cyclone.
Iron ore fines with 62 percent Fe content have decreased by $1.2/mt on February 13 to $106.5/mt CFR. However, this level is $0.55/mt above that seen on February 6. Brazilian iron ore with 65 percent Fe has decreased by $1.25/mt on February 13 to $120.25/mt CFR, while up $0.05/mt week on week, SteelOrbis has learned.
12 deals for a total of 253,800 mt of iron ore have been done on the Corex platform on February 13, including 5,000 mt of 65.78 percent fines transacted at RMB 925/mt ($129/mt), for delivery to Tianjin port.
During the given period, import iron ore prices in the Chinese market have moved up slightly as molten iron outputs have increased. Shipments of iron ore have decreased, bolstering prices from the supply side. Moreover, today, Dampier port has been closed due to Tropical Cyclone Zelia, after Port Hedland, the world's biggest export terminal for iron ore, had issued a similar notice yesterday. As a result, there may be some short-term delays in shipments by all major Australian miners - Rio Tinto, BHP Billiton, Fortescue and Hancock Prospecting.
Though market sources do not believe that the impact on shipments will be very severe, the cyclone is supporting the mood in the iron ore market, while local steel prices have been under pressure and have failed to post the expected increases.
Since the demand for iron ore from steelmakers is expected to improve, import iron ore prices in the Chinese market will likely indicate further slight increases in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have decreased by 1.52 percent today at RMB 808/mt ($112.7/mt) compared to the previous trading day, February 12, while decreasing by RMB 9.5/mt ($1.3/mt) compared to February 6.
As of February 13, rebar futures at Shanghai Futures Exchange are standing at RMB 3,265/mt ($455/mt), decreasing by RMB 92/mt ($12.8/mt) or 2.7 percent since February 6, while down 0.46 percent compared to the previous trading day, February 12.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 938 | 23 | 130.8 | 3.2 |
| Yandi fines | 58 / 59 | 787 | 24 | 109.7 | 3.3 |
| PB Fines | 62 | 816 | 24 | 113.8 | 3.3 |
| PB iron ore lump | 62/63 | 950 | 23 | 132.5 | 3.2 |
| Brazil fines | 63 | 830 | 18 | 115.7 | 2.5 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 873 | 3 | 122 | 0 |
| Beipiao | 813 | 11 | 113 | 1 |
Price includes VAT.
$1 = RMB 7.1719