Import iron ore prices in China have edged up on Thursday, November 11, amid the rebound in futures and steel prices, but are still lower compared to last week due to the still reduced demand for the raw material.
Iron ore fines with 62 percent Fe content have edged up by $4.6/mt compared to November 10, to $93.1/mt CFR. However, this level is $2.4/mt below that seen a week ago on November 3.
Brazilian iron ore with 65 percent Fe has moved up by $3.2/mt on November 11 compared to November 10, to $109.2/mt CFR, which is still down $4.9/mt week on week, SteelOrbis has learned.
On November 11, a deal for 188,000 mt of 56.5 percent FMG fines was concluded at the December index with a fixed discount. Also, Jimblebar fines from Australia with less than 61 percent Fe content have been traded at the December index -$18.85/mt. 80,000 mt of 65 percent Fe fines from Brazil changed hands at $109.2/mt CFR.
During the given week, import iron ore prices have moved down further amid the continuing slack demand due to the maintenance of steelmakers’ blast furnaces. At the same time, the supply of iron ore has been sufficient.
The iron ore futures prices indicated a big rise on November 11, following a rebound in steel futures and spot prices, supporting sentiment to some extent. It is expected that import iron ore prices may fluctuate within a limited range in the coming week, but the bearish mood has not faded away fully. Demand will continue to be slack because air quality will be bad in northern China.
Iron ore futures prices at Dalian Commodity Exchange (main contract i2201) have moved up by 6.84 percent today, coming to RMB 570.5/mt ($89/mt), while declining by RMB 12/mt ($1.9/mt) or 2.1 percent compared to November 4.
As of Thursday, November 11, rebar futures at the Shanghai Futures Exchange are standing at RMB 4,443/mt ($693/mt), decreasing by RMB 217/mt ($33.8/mt) or 5.13 percent since November 4, while rising by 7.42 percent compared to the previous trading day (November 10).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
770 |
-78 |
120.0 |
-12.6 |
|
Yandi fines |
58 / 59 |
508 |
-25 |
79.2 |
-4.2 |
|
PB Fines |
62 |
609 |
-91 |
94.9 |
-14.5 |
|
PB iron ore lump |
62/63 |
785 |
-73 |
122.4 |
-11.8 |
|
Brazil fines |
63 |
659 |
-74 |
102.7 |
-11.9 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
899 |
-4 |
140 |
-1 |
|
Beipiao |
814 |
-45 |
127 |
-7 |
Price includes VAT.
$1 = RMB 6.4145