Import iron ore prices in China have edged down today, Thursday, July 21, while indicating decreases compared to last week amid still bearish moods and limited demand for iron ore due to low steel prices. Prices for benchmark 62 percent Fe fines have hit the $95/mt CFR mark for the first time since November 28, 2020, with the outlook still being poor, sources told SteelOrbis on July 21.
Iron ore fines with 62 percent Fe content have moved down by $2.2/mt today to $95.4/mt CFR. This level is $4.6/mt below that seen a week ago.
Brazilian iron ore with 65 percent Fe has decreased by $1.3/mt on July 21 to $109/mt CFR, also down $6.8/mt week on week, SteelOrbis has learned. A deal at this level for 70,000 mt of ex-Brazil 65 percent Fe fines has been done at this level today.
On July 21, relatively firm demand was seen only at Chinese ports. One deal for 80,000 mt of Newman blended lumps was signed at the September index +$0.0675/mt today.
During the given week, import iron ore prices have moved down further amid the prevailing bearish sentiments among market players. Foreclosures have exerted a negative impact on the real estate market, which has also negatively affected the demand for iron ore. Steelmakers have implemented maintenance works to reduce outputs, while inventories of iron ore at ports have risen rapidly. It is thought that import iron ore prices may continue to decline in the near future.
Iron ore futures prices at Dalian Commodity Exchange have decreased by 0.3 percent today to RMB 657/mt ($97/mt), while declining by 5.5 percent compared to July 14.
As of Thursday, July 21, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,831/mt ($567/mt), decreasing by RMB 2/mt ($0.3/mt) or 0.05 percent since July 14, while rising by 0.68 percent compared to the previous trading day (July 20).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
770 |
-108 |
113.9 |
-16.6 |
|
Yandi fines |
58 / 59 |
660 |
-92 |
97.6 |
-14.2 |
|
PB Fines |
62 |
675 |
-93 |
99.8 |
-14.3 |
|
PB iron ore lump |
62/63 |
775 |
-108 |
114.6 |
-16.7 |
|
Brazil fines |
63 |
745 |
-93 |
110.2 |
-14.4 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
757 |
-65 |
112 |
-10 |
|
Beipiao |
712 |
-23 |
105 |
-4 |
Price includes VAT.
$1 = RMB 6.762