Import iron ore prices in China have moved down sharply today, Thursday, October 21, Thursday, while also indicating a decrease week on week. The steep fall in coal and steel futures prices has impacted sentiment in iron ore and has brought trading to a standstill today.
Iron ore fines with 62 percent Fe content have decreased by $5.9/mt compared to October 20, to $117.6/mt CFR. This level is also $7.65/mt below that seen a week ago on October 14. Brazilian iron ore with 65 percent Fe has moved down by $6.3/mt on October 21 to $140.2/mt CFR, down $10.4/mt week on week, SteelOrbis has learned.
On October 21, there have been no trades at platforms for imported iron ore apart from the smaller-volume deals at ports. Three deals of 36,300 mt of iron ore have been concluded at COREX, with the largest deal of 15,298 mt of 62.37 percent BRBF fines at a price of RMB 987/mt ($154.5), with delivery at Jiangyin port.
During the given week, import iron ore prices have moved down amid sufficient supply and continuing power supply limitations. The demand for iron ore has slackened recently, while inventory at ports has increased. Market players are bearish as regards the future market prospects, which has exerted a negative impact on iron ore prices.
Though overall market conditions in the iron ore segment have not been very strong over the past week, today’s large price decline has been connected with weaker sentiment for other raw materials and steel.
As of Thursday, October 21, rebar futures at the Shanghai Futures Exchange are standing at RMB 4,976/mt ($779/mt), decreasing by RMB 489/mt ($76.4/mt) or 8.95 percent since October 14, while down by 8.01 percent compared to the previous trading day (October 20).
Iron ore futures prices at Dalian Commodity Exchange (main contract i2201) have moved down by 8.7 percent today to RMB 650.5/mt ($101.8/mt), while declining by RMB 85.5/mt ($13.4/mt) or 11.6 percent compared to October 14.
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
1,008 |
-22 |
157.8 |
-2.1 |
|
Yandi fines |
58 / 59 |
688 |
-40 |
107.7 |
-5.3 |
|
PB Fines |
62 |
870 |
-6 |
136.2 |
+0.2 |
|
PB iron ore lump |
62/63 |
1,008 |
-17 |
157.8 |
-1.4 |
|
Brazil fines |
63 |
909 |
+3 |
142.3 |
+1.6 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
1,019 |
+967 |
-52 |
+151 |
|
Beipiao |
961 |
+961 |
0 |
+150 |
Price includes VAT.
$1 = RMB 6.389