Iron ore prices have edged down slightly today, March 26, compared to yesterday, following rises over the previous two trading days. Iron ore fines with 62 percent Fe content have edged down by $0.6/mt today to $85.9/mt CFR, while Brazilian iron ore with 65 percent Fe has lost $1.3/mt to $104.5/mt CFR, SteelOrbis has learned.
Deals for 100,000 mt of 62 percent PB fines and for 70,000 mt of 62.5 percent PB lump have been concluded on March 26, at the April index +$1.5/mt for fines and +$0.2/mt for lumps for April shipment. One deal for 90,000 mt of 57.1 percent Yandi fines has been concluded at the April index with a $2.9/mt discount, with shipment in May. A deal for 80,000 mt of Newman lump has been signed at the April index with a $0.28/mt premium. Jimblebar fines have been sold at the April index with $6.75/mt discount.
During the given week, downstream users have been more willing to purchase iron ore as steel utilization rates have been on the rise. At the same time, supply concerns are still high due to more major exporting countries taking measures to contain the spread of the coronavirus. Pellet supply from India and South Africa’s shipments of iron ore will be disrupted due to the 21-day lockdowns. Moreover, the government of Canada is also taking measures to prevent the spread of the virus. “It is estimated that approximately 80 million mt of iron ore supply could be impacted due to border controls and lockdowns,” Reuters has reported, citing commodity strategists at ING
Chinese steelmakers’ capacity utilization rates are expected to see rises in the future, which will boost the demand for imported iron ore. It is thought that import iron ore prices will edge up in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have edged up by 0.68 percent today, coming to RMB 662/mt ($93.6/mt) compared to March 25, while gaining 2.4 percent compared to March 19.
Imported iron ore prices in China (week-on-week basis)
|
Product Name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
867 |
12 |
122.6 |
1.4 |
|
Yandi fines |
58 / 59 |
596 |
1 |
84.3 |
-0.1 |
|
PB Fines |
62 |
653 |
11 |
92.4 |
1.3 |
|
PB iron ore lump |
62/63 |
865 |
13 |
122.4 |
1.5 |
|
Brazil fines |
63 |
698 |
7 |
98.7 |
0.8 |
Price Includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of Origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
724 |
-27 |
102 |
-4 |
|
Beipiao |
678 |
0 |
96 |
0 |
Price Includes VAT.
$1 = RMB 7.0692