Iron ore prices continue downtrend, fluctuating below $100/mt CFR

Import iron ore prices in China have moved down further on Thursday, November 4, Thursday, compared to November 3, while also seeing a declining trend over the past week. Weak demand and the impact of falling futures prices in China have made sentiments bearish.  

Iron ore fines with 62 percent Fe content are down by $3.1/mt compared to November 3, to $95.5/mt CFR. This level is $16.5/mt below that seen a week ago on October 28. Brazilian iron ore with 65 percent Fe has moved down by $2/mt on November 4 compared to November 3, to $114.1/mt CFR, down $15.55/mt week on week, SteelOrbis has learned.

On November 4, no large deals were seen, with only one contract for 10,000 mt of iron ore at Corex concluded at port.  

During the given week, import iron ore prices have edged down further amid the issuance of production restriction policies in the provinces of Hebei and Shanxi, which has reduced the demand for iron ore. The volume of iron ore arriving at Chjnese ports rose to the second highest level in the current year, exerting a negative impact on prices. The deliveriesof iron ore will likely increase in the near future, which will negatively affect ore prices. It is thought that import iron ore prices will continue their downtrend in the coming week. 

Iron ore futures prices at Dalian Commodity Exchange (main contract i2201) have moved up by 0.34 percent today to RMB 582.5/mt ($91.2/mt), while declining by RMB 101/mt ($15.8/mt) or 14.8 percent compared to October 28.

As of Thursday, November 4, rebar futures at the Shanghai Futures Exchange are standing at RMB 4,226/mt ($660/mt), decreasing by RMB 486/mt ($76/mt) or 10.3 percent since October 28, while down 2.42 percent compared to the previous trading day (November 3).

Imported iron ore prices in China (week-on-week basis)

Price includes VAT.  

Nationwide iron ore concentrate prices (66 percent Fe)

Price includes VAT. 

$1 = RMB 6.3943