Iron ore prices for China have edged down slightly today, November 7, with a $0.5/mt decrease seen in the market. Since there are only less than ten days ahead of the start of the winter heating season in northern China, production restriction measures will be stricter than in the previous period, which will negatively affect demand for iron ore.
Iron ore fines with 62 percent of Fe content have lost $0.5/mt today to $82.5/mt CFR, while Brazilian iron ore with 65 percent Fe has stayed at $91/mt CFR, SteelOrbis has learned.
About 170,000 mt of Australian PB fines with 62 percent Fe content have been traded at $83.2/mt CFR for early December shipment. Moreover, 100,000 mt of Brazilian fines with 65 percent Fe content have changed hands at $92.7/mt CFR.
Iron ore futures prices at Dalian Commodity Exchange have lost RMB 14/mt ($2.0/mt) or 2.24 percent today, coming to RMB 611.0/mt ($87.3/mt), putting pressure on spot prices in the iron ore market.
Rebar futures at Shanghai Future Exchange have decreased by RMB 26/mt ($3.7/mt) or 0.75 percent compared to previous trading day.
The iron ore arriving at ports will continue to rise due to the increasing delivery from Australian and Brazilian miners, which will result in oversupply in the iron ore market and negatively affect iron ore prices, sources said.
Imported iron ore prices (week-on-week basis)
Product Name |
Port |
Iron |
Place of origin |
Truck loaded price |
Change |
Price |
Change |
Newman iron ore lump |
Qingdao |
63/63.5 |
Australia |
792 |
0 |
113.0 |
+2.4 |
Brazil fines |
63 |
Brazil |
687 |
-4 |
98.0 |
+1.3 |
|
Yandi fines |
58 / 59 |
Australia |
580 |
0 |
82.8 |
+1.8 |
|
PB Fines |
62 |
Australia |
650 |
-25 |
92.8 |
+0.7 |
|
PB iron ore lump |
62/63 |
Australia |
790 |
+2 |
112.7 |
+2.4 |
Nationwide iron ore concentrate prices
Product Name |
Specification |
Place of Origin |
Market price (RMB/mt, Incl. VAT) |
Change |
Price($/mt) |
Change |
Iron ore concentrate |
damp base (iron content: 66 percent) |
Tangshan |
760 |
-19 |
108 |
-2 |
Iron ore concentrate |
damp base (iron content: 66 percent) |
Beipiao |
723 |
0 |
103 |
+1 |
Price Includes VAT.
$1 = RMB 7.00