Today, Thursday, January 7, iron ore prices have moved up compared to those recorded on January 6 and on December 31, reaching a level above $170/mt CFR again amid stronger futures prices, reflecting the mainly positive sentiment for the near future and the firm demand in China in general.
Iron ore fines with 62 percent Fe content have moved up today by $3.3/mt compared to January 6, to $170.8/mt CFR, while rising by $12.6/mt week on week. Brazilian iron ore with 65 percent Fe has risen by $3.6/mt on the same day to $188.6/mt CFR, up by $15.8/mt week on week, SteelOrbis has learned.
On January 7, a deal for 170,000 mt of 61 percent PB fines was concluded at $168.05/mt CFR for shipment in the January 30- February 8 period.
During the given week, import iron ore prices in China edged up slightly amid less iron ore arriving at Chinese ports, though iron ore shipments from the leading miners have increased. After the New Year holiday, Chinese steelmakers started slowly to build up stocks of iron ore for the winter, bolstering iron ore prices. At the same time, iron ore futures prices have bottomed up following downward corrections in the previous period, providing solid support for iron ore prices. It is thought that import iron ore prices in the Chinese domestic market will indicate downward corrections amid the cold weather conditions and likely decreasing capacity utilization rates of steelmakers later this month.
Iron ore futures prices at Dalian Commodity Exchange have edged up by 3.06 percent today, coming to RMB 1,062.5/mt ($164.5/mt) compared to January 6, while increasing by 6.7 percent compared to December 31.
On Thursday, January 7, rebar futures at the Shanghai Future Exchange are standing at RMB 4,455/mt ($690/mt), increasing by RMB 67/mt ($10.4/mt) or 1.5 percent since December 31, while increasing by 1.69 percent compared to the previous trading day.
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
1,278 |
59 |
197.8 |
11.0 |
|
Yandi fines |
58 / 59 |
1,008 |
21 |
156.0 |
4.7 |
|
PB Fines |
62 |
1,118 |
41 |
173.0 |
8.0 |
|
PB iron ore lump |
62/63 |
1,308 |
68 |
202.4 |
12.4 |
|
Brazil fines |
63 |
1,160 |
40 |
179.5 |
7.9 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
1,033 |
21 |
160 |
5 |
|
Beipiao |
1,006 |
7 |
156 |
3 |
Price includes VAT.
$1 = RMB 6.4608