Import iron ore prices in China have edged up today, Thursday, April 1, and have posted a week-on week increase, supported by the rising trend in the steel market and the good outlook for April. Meanwhile, trading has been slightly better this week amid the lower inventory level at the traders’ side.
Iron ore fines with 62 percent Fe content have moved up by $2.1/mt today compared to March 31, to $166.1/mt CFR. This level is $7.1/mt above that seen a week ago on March 25. Brazilian iron ore with 65 percent Fe has risen by $1.95/mt today to $196/mt CFR, up $8.15/mt week on week, SteelOrbis has learned.
On April 1, a deal for 170,000 mt of Pilbara fines has been done at $165.65/mt CFR at the GlobalOre platform. Also, a contract for 20,000 mt of 61.3 percent PB fines at port has been closed at RMB 1,104.5/mt ($168.4/mt), for delivery at Rizhao port. Overall trading activity has been lower than on the previous day, but better than last week in general.
During the given week, import iron ore prices rebounded after the previous fall amid support from the steel market and the good outlook for steel demand in April. At the same time, more iron ore has been arriving at Chinese ports. Capacity utilization rates of blast furnaces and electric furnaces have indicated some increases in China, exerting a positive impact on demand for iron ore. However, recent bad weather in China may result in another round of production restrictions, which may reduce the demand for iron ore. It is thought that import iron ore prices will fluctuate within a limited range in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have moved up by 2.79 percent today, coming to RMB 975.5/mt ($164/mt) compared to March 31, while rising by RMB 70.5/mt ($3.3/mt) or 7.8 percent compared to March 25. (Main contracts of iron ore futures have shifted from I2105 to I2109)
As of Thursday, April 1, rebar futures at the Shanghai Futures Exchange are standing at RMB 5,003/mt ($763/mt), increasing by RMB 208/mt ($31.7/mt) or 4.3 percent since March 25, while rising by 0.95 percent compared to the previous trading day (March 31).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
1,505 |
4 |
229.5 |
-0.4 |
|
Yandi fines |
58 / 59 |
1,008 |
5 |
153.7 |
0.1 |
|
PB Fines |
62 |
1,112 |
4 |
169.6 |
-0.2 |
|
PB iron ore lump |
62/63 |
1,540 |
9 |
234.8 |
0.3 |
|
Brazil fines |
63 |
1,163 |
2 |
177.3 |
-0.5 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
1,062 |
-50 |
162 |
-8 |
|
Beipiao |
1,033 |
-53 |
158 |
-9 |
Price includes VAT.
$1 = RMB 6.5584