Import iron ore prices in China have moved down today, Thursday, August 4, while also seeing big declines compared to last week as futures prices have posted significant decreases. Iron ore futures prices decreased by 4.78 percent on August 4 as steel prices moved down again amid the slack demand during the current hot weather in China.
Iron ore fines with 62 percent Fe content have moved down by $5.1/mt today to $103.8/mt CFR. This level is $13.9/mt below that seen a week ago. Brazilian iron ore with 65 percent Fe has decreased by $4.3/mt on August 4 to $113.1/mt CFR, down $13.3/mt week on week, SteelOrbis has learned.
On August 4, a deal for 170,000 mt of 61 percent Fe-content PB fines was signed at $104.5/mt CFR, for shipment during September 4-13, while another two deals each for 90,000 mt of 60.8 percent Fe-content Mac fines were signed at $97/mt CFR and $96.3/mt CFR, with shipments during September 1-10 and September 6-15.
During the given week, following the previous rebounding trend, iron ore futures prices moved down again, exerting a negative impact on the spot market. Recently, steelmakers resumed production to some extent, while steel prices decreased amid increasing supplies. However, market players still expect a further production resumption, which will boost the demand for iron ore. Meanwhile, the inventory of iron ore on the steelmakers’ side has hit its lowest level over the past two years, which will stimulate steelmakers to build up stocks in the near future. It is expected that import iron ore prices may edge up slightly in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have decreased sharply by 4.78 percent today to RMB 756.5/mt ($112/mt), while decreasing by 4.66 percent compared to July 28.
As of Thursday, August 4, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,980/mt ($509/mt), decreasing by RMB 78/mt ($11.5/mt) or 1.9 percent since July 28, while decreasing by 2.86 percent compared to the previous trading day (August 3).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
|
Newman iron ore lump |
63/63.5 |
900 |
+28 |
133.1 |
+3.7 |
|
Yandi fines |
58/59 |
742 |
-4 |
109.7 |
-1.0 |
|
PB Fines |
62 |
768 |
-2 |
113.5 |
-0.7 |
|
PB iron ore lump |
62/63 |
905 |
+28 |
133.8 |
+3.7 |
|
Brazil fines |
63 |
808 |
-17 |
119.5 |
-2.9 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price (RMB/mt, Incl. VAT) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
|
Tangshan |
836 |
+56 |
124 |
+8 |
|
Beipiao |
723 |
+45 |
107 |
+6 |
Price includes VAT.
$1 = RMB 6.7636