Iron ore prices in China have fluctuated within a limited range in the past week.
On October 9, prices for ex-Australia iron ore fines with 62 percent Fe content are at $104.6/mt CFR, increasing by $1.4/mt from the previous day.
11 deals totaling 340,000 mt of iron ore have been signed at the Corex platform on October 9. In particular, 170,000 mt of 62 percent Fe BRBF fines were sold at $107.95/mt CFR, for shipment during November 9-18.
On October 9, at Corex, the Iron Ore Portside Index (61% Fe Qingdao) and Iron Ore Portside Index (61% Fe Caofeidian) stood at RMB 774/wmt and RMB 781/wmt, respectively, with the US dollar equivalents standing at $101.29/mt and $101.89/mt.
During the given week, iron ore prices have fluctuated within a limited range due to the holiday. China Mineral Resources Group (CMRG) had informed Chinese steelmakers and traders to halt the iron ore trading in US dollars with BHP from September 21, requiring that iron ore deals should be settled in RMB. After negotiations, BHP has finally compromised and agreed to settle in RMB. Accordingly, starting from the fourth quarter of 2025, BHP Billiton will switch to RMB settlement for 30 percent of its spot iron ore trade with China, involving CFR-based prices at Chinese ports, which is regarded as “significant progress” for CMRG. After the long holiday, some steelmakers will replenish stocks, which will bolster iron ore prices. However, it is thought that iron ore prices may continue to fluctuate within a limited range in the coming week as mills will have greater pricing power from now on.
Iron ore futures prices at Dalian Commodity Exchange have increased by 0.96 percent today to RMB 790.5/mt ($111.3/mt) compared to the previous trading day, September 30, while decreasing by 1.9 percent compared to September 25.
As of October 9, rebar futures at Shanghai Futures Exchange are standing at RMB 3,096/mt ($436/mt), decreasing by RMB 72/mt ($10.1/mt) or 2.3 percent since September 25, while up 0.19 percent compared to the previous trading day, September 30.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 907 | -13 | 127.6 | -1.8 |
| Yandi fines | 58 / 59 | 760 | -10 | 106.9 | -1.4 |
| PB Fines | 62 | 781 | -10 | 109.8 | -1.4 |
| PB iron ore lump | 62/63 | 911 | -13 | 128.1 | -1.8 |
| Brazil fines | 63 | 813 | -12 | 114.3 | -1.7 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 906 | 4 | 127 | 1 |
| Beipiao | 848 | 0 | 119 | 0 |
Price includes VAT.
$1 = RMB 7.1102