Import iron ore prices in China have moved down sharply today, Thursday, May 13, following significant rises over the past few days after Labor Day holiday. Nevertheless, prices have indicated big increases compared to last week.
Iron ore fines with 62 percent Fe content have lost $18/mt compared to May 12, to $217/mt CFR. However, this level is $15.25/mt above that seen a week ago on May 6.
Brazilian iron ore with 65 percent Fe has seen a drop of $14.8/mt today to $249.2/mt CFR, up $14.2/mt week on week, SteelOrbis has learned.
On May 13, no deal has been concluded at trading platforms after rather good bookings earlier this week.
Over the current week, import iron ore prices have risen sharply amid surging steel prices, declining deliveries in the global market, and increasing capacity utilization rates of blast furnaces and converters in China. Steelmakers’ profitability has been decent and so they have been eager to produce and their demand for iron ore has improved. At the same time, ferrous metal futures prices have risen sharply, pushing up iron ore prices amid speculation.
However, today, futures have posted sharp drops, indicating that the market was overheated and it needed to calm down. China’s state council said it will cope with the rapid increase in commodity prices, and will work on stable economic developments.
Iron ore futures prices at Dalian Commodity Exchange have moved down sharply by 7.49 percent today, coming to RMB 1216.5/mt ($188.3/mt) compared to May 12, while rose by RMB 32.5/mt ($5.0/mt) or 2.74 percent compared to May 6.
As of Thursday, May 13, rebar futures at the Shanghai Futures Exchange are standing at RMB 5,915/mt ($916/mt), increasing by RMB 250/mt ($38.7/mt) or 4.4 percent since May 6, while decreasing by 2.92 percent compared to the previous trading day (May 12).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
1,885 |
228 |
291.8 |
36.4 |
|
Yandi fines |
58 / 59 |
1,330 |
241 |
205.9 |
38.1 |
|
PB Fines |
62 |
1,645 |
320 |
254.6 |
50.4 |
|
PB iron ore lump |
62/63 |
1,920 |
235 |
297.2 |
37.5 |
|
Brazil fines |
63 |
1,755 |
355 |
271.6 |
55.9 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
1,458 |
153 |
226 |
25 |
|
Beipiao |
1,492 |
249 |
231 |
39 |
Price includes VAT.
$1 = RMB 6.4612