Import iron ore prices in China have seen a slight increase today, Thursday, July 6, while indicating declines compared to one week ago, and prices for the raw material are expected to remain under pressure in the near future due to the expected declines in steel production levels.
Iron ore fines with 62 percent Fe content have edged up by $0.35/mt today to $112/mt CFR. But this level is $1.8/mt below that seen one week ago. Brazilian iron ore with 65 percent Fe has indicated a rise of $0.6/mt on July 6 to $123.9/mt CFR, while down $0.9/mt week on week, SteelOrbis has learned.
Ten deals for 151,000 mt have been concluded at the Corex platform today, including a deal for 30,000 mt of 57.98 percent Fe fines at RMB 768/mt ($106.7/mt), for delivery at Caofeidian port, while 20,000 mt of 62.11 percent PB lump and 20,000 mt of 61.28 percent PB lump have been transacted at RMB 992/mt ($137.8/mt) and RMB 875/mt ($121.5/mt), for delivery at Tianjin port.
Import iron ore prices in the Chinese market have fluctuated within a limited range amid some restocking seen this week, though the pace of the increase in demand has been moderate. Steelmakers’ profitability has improved to quite good levels since the beginning of the current year, and so they have been willing to purchase iron ore. However, some steelmakers plan to implement maintenance works in the near future, which will weaken the demand for iron ore and exert a negative impact on prices. It is thought that import iron ore prices may move on a downward trend in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have edged up by 0.97 percent to RMB 829.5/mt ($115.2/mt) compared to the previous trading day (July 5), while decreasing by 0.12 percent compared to June 29.
As of Thursday, July 6, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,758/mt ($522/mt), increasing by RMB 35/mt ($4.9/mt) or up 0.9 percent since June 29, while rising by 0.11 percent compared to the previous trading day (July 5).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
980 |
-1 |
135.9 |
+0.1 |
|
Yandi fines |
58/59 |
800 |
+2 |
111.0 |
+0.4 |
|
PB Fines |
62 |
875 |
-2 |
121.4 |
-0.1 |
|
PB iron ore lump |
62/63 |
976 |
+4 |
135.4 |
+0.8 |
|
Brazil fines |
63 |
900 |
+3 |
124.8 |
+0.6 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price (RMB/mt, Incl. VAT) |
Change |
Price ($/mt) |
Change |
|
Tangshan |
915 |
+17 |
127 |
+3 |
|
Beipiao |
887 |
+17 |
123 |
+3 |
Price includes VAT.
$1 = RMB 7.2098