Import iron ore prices in China have edged down today, Thursday, April 27, while iron ore futures prices have risen by 0.56 percent on the same day.
Iron ore fines with 62 percent Fe content have edged down by $1.35/mt today to $106.15/mt CFR. This level is $11.95/mt below that seen a week ago. Brazilian iron ore with 65 percent Fe has indicated a decline of $1.5/mt on April 27 to $121.5/mt CFR, while down $11.2/mt week on week, SteelOrbis has learned.
On April 27, 22 deals for 361,300 mt of iron ore have been concluded at the Corex platform. In particular, 90,000 mt of 60.5 percent Fe-content Jimblebar blended fines have been transacted at the June 62 percent index - $2.3/mt, with laycan during May 30 to June 8.
This week, demand for imported iron ore has been weakening amid declining profitability on the steelmakers’ side, while real estate sales have been showing that the fundaments for steel demand are very sluggish. Moreover, steelmakers have started to implement production cuts. According to reports 40 percent of BFs in Tangshan have implemented maintenance works, which has exerted a negative impact on the iron ore market. Over the past week, the inventory levels of iron ore have increased, reflecting the slack demand situation. Since the Labor Day holiday (April 29-May 3) is approaching, market players expect some stock replenishment by downstream users, though it may not be very strong. It is expected that import iron ore prices will indicate also a downward correction in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have moved down by 6.3 percent to RMB 713.5/mt ($110.4/mt) compared to April 20, while increasing slightly by 0.56 percent compared to the previous trading day.
As of Thursday, April 27, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,691/mt ($533.4/mt), decreasing by RMB 223/mt ($32.2/mt) or down 5.7 percent since April 20, while declining by 0.3 percent compared to the previous trading day (April 26).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
1,000 |
-1 |
144.9 |
-0.8 |
|
Yandi fines |
58 / 59 |
850 |
0 |
123.2 |
-0.6 |
|
PB Fines |
62 |
880 |
-4 |
127.6 |
-1.2 |
|
PB iron ore lump |
62/63 |
1,002 |
-1 |
145.2 |
-0.8 |
|
Brazil fines |
63 |
906 |
-3 |
131.3 |
-1.1 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
902 |
-31 |
131 |
-5 |
|
Beipiao |
814 |
-34 |
118 |
-6 |
Price includes VAT.
$1 = RMB 6.8987