Import iron ore prices in China have moved down sharply today, Thursday, September 1, while also indicating a downtrend compared to last week. Iron ore futures prices decreased by 1.17 percent on September 1, signaling weak sentiment in the Chinese spot market.
Iron ore fines with 62 percent Fe content have moved down by $4.4/mt today to $95.6/mt CFR. A deal for 170,000 mt of Pilbara fines with 62 percent Fe content has been signed at this level during the day. This level is $5.75/mt below that seen a week ago.
Brazilian iron ore with 65 percent Fe has declined by $4.7/mt on September 1 to $108.1/mt CFR, down $4.9/mt week on week, SteelOrbis has learned.
On September 1, 29 deals for 406,100 mt of iron ore were done at the Corex platform. In particular, 50,000 mt of 60.1 percent Australian fines has been traded at the September index + $0.5/mt.
During the given week, demand for iron ore has been slack, weakening market sentiments to some extent. Since it is now September, steelmakers will be more willing to produce, which will exert a positive impact on the demand for iron ore, which will push up ore prices. However, delivery of iron ore from Australia and Brazil will also increase in the near future. It is expected that import iron ore prices may edge up in the coming week, but only in the case of some improvements in the steel market.
Iron ore futures prices at Dalian Commodity Exchange have edged down by 1.17 percent to RMB 675.5/mt ($98.2/mt) compared to August 31, while decreasing by 4.25 percent compared to August 25.
As of Thursday, September 1, rebar futures at the Shanghai Futures Exchange (main contract shifts into rb2301 from rb2210) are standing at RMB 3,642/mt ($529.2/mt), decreasing by RMB 173/mt ($25/mt) or 4.5 percent since August 25, while decreasing by 1.03 percent compared to the previous trading day (August 31).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
863 |
-24 |
125.4 |
-4.0 |
|
Yandi fines |
58 / 59 |
698 |
-25 |
101.4 |
-4.1 |
|
PB Fines |
62 |
740 |
-13 |
107.5 |
-2.3 |
|
PB iron ore lump |
62/63 |
870 |
-22 |
126.4 |
-3.7 |
|
Brazil fines |
63 |
780 |
-13 |
113.3 |
-2.4 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
819 |
-17 |
119 |
-3 |
|
Beipiao |
746 |
-11 |
108 |
-2 |
Price includes VAT.
$1 = RMB 6.8821