Import iron ore prices in China have seen an upward trend today, Thursday, June 29, compared to yesterday, while also edged up compared to the previous week, supported by higher futures and hopes that the Chinese government will announce more economic stimulus.
Iron ore fines with 62 percent Fe content have moved up by $0.5/mt today to $113.8/mt CFR. This level is $1.05/mt above last week. Brazilian iron ore with 65 percent Fe has indicated an increase of $0.45/mt on June 29 to $124.8/mt CFR, while up $1.05/mt week on week as well, SteelOrbis has learned.
Import iron ore prices in the Chinese domestic market have fluctuated within a limited range with slight upward bias amid the stock replenishment following the Dragon Boat Festival holiday. Also early this week, Premier Li Qiang said that there will be more macroeconomic measures to expand domestic demand, even though GDP growth has picked in the second quarter and some slowdown is expected for the third quarter.
However, the large-scale rainy weather and high temperature exerted a negative impact on the finished steel market, weakening the demand for iron ore. Since the rainy season continues in the coming period, demand for iron ore may unlikely improve, which will negatively affect its prices. It is expected that import iron ore prices may fluctuate within a limited range in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have edged up by 1.8 percent to RMB 830.5/mt ($115/mt) compared to June 15, while increasing by 0.85 percent compared to the previous trading day (June 21).
As of Thursday, June 29, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,723/mt ($516/mt), decreasing by RMB 37/mt ($5.1/mt) or down by one percent since June 15, while rising by 0.16 percent compared to the previous trading day (June 28).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
981 |
10 |
135.9 |
0.0 |
|
Yandi fines |
58 / 59 |
798 |
-2 |
110.5 |
-1.4 |
|
PB Fines |
62 |
877 |
17 |
121.5 |
1.2 |
|
PB iron ore lump |
62/63 |
972 |
1 |
134.6 |
-1.2 |
|
Brazil fines |
63 |
897 |
17 |
124.2 |
1.1 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
898 |
11 |
124 |
0 |
|
Beipiao |
870 |
22 |
120 |
2 |
Price includes VAT.
$1 = RMB 7.2208