Iron ore prices in China have moved on a downtrend in the past week amid weak demand, but today, May 29, spot prices have posted a rebound after the news about a US court blocking Trumps’s tariffs.
On May 29, prices for ex-Australia iron ore fines with 62 percent Fe content are at $96.7/mt CFR, up by $0.7/mt from the previous day, while down by $2.3/mt over the past week. Also, ex-Brazil fines with 65 percent Fe content are priced at $107.05/mt CFR, $0.5/mt higher than on May 28, but $2.95/mt lower compared to May 22.
28 deals totaling 516,300 mt of iron ore have been signed at the Corex platform on May 29. In particular, 90,000 mt of 60.6 percent Fe Mac fines were transacted at $91.9/mt CFR, for shipment during June 24-July 3, while 15,000 mt of 61.62 percent Fe BRBF fines were traded at RMB 745/mt ($103.5/mt), for delivery at Jingtang port. Also, 14,880 mt of 61.62 percent Fe FMG ultra fines were sold at RMB 627/mt ($87.1/mt), for delivery at Tianjin port.
During the given week, import iron ore prices have moved down amid the slack demand from downstream users. Meanwhile, molten iron output is anticipated to decrease, weakening the demand for iron ore in the near future. The performance of the real estate industry remains weak, exerting a negative impact on the iron ore market. The inventory of iron ore at ports is expected to increase, which will negatively affect prices. It is expected that import iron ore prices in the Chinese market will either be stable or follow a slow downtrend in the coming week.
Iron ore futures rose today after four days of decline, following the US federal court decision yesterday blocking Trumps’s tariffs. Iron ore futures prices at Dalian Commodity Exchange have risen by 1.29 percent today to RMB 707/mt ($98.2/mt) compared to the previous trading day, May 28, while decreasing by 2.75 percent compared to May 22.
As of May 29, rebar futures at Shanghai Futures Exchange are standing at RMB 2,978/mt ($414/mt), decreasing by RMB 83/mt ($11.5/mt) or 2.7 percent since May 22, while up 0.47 percent compared to the previous trading day, May 28.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 867 | -23 | 120.6 | -3.2 |
| Yandi fines | 58 / 59 | 708 | -28 | 98.5 | -3.9 |
| PB Fines | 62 | 735 | -30 | 102.2 | -4.2 |
| PB iron ore lump | 62/63 | 882 | -23 | 122.7 | -3.2 |
| Brazil fines | 63 | 755 | -26 | 105.0 | -3.6 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 828 | -12 | 115 | -2 |
| Beipiao | 791 | -6 | 110 | -1 |
Price includes VAT.
$1 = RMB 7.1907