Import iron ore prices in China have moved up today, Thursday, October 19, while also posted gradual rises over the past week, following some gains in futures prices, reflecting better sentiments, though the overall demand situation has not improved significantly.
Iron ore fines with 62 percent Fe content have risen by $0.85/mt today to $119.85/mt CFR. This level is $1.75/mt above that seen one week ago. Brazilian iron ore with 65 percent Fe has indicated an increase of $1.1/mt on October 19 to $129.05/mt CFR, while up $1.8/mt week on week, SteelOrbis has learned.
15 deals for a total of 130,700 mt have been concluded at the Corex platform today, including 15,000 mt of 60.81 percent Jimblebar blended fines transacted at RMB 925/mt ($129/mt), delivery at Tianjin port.
During the given week, import iron ore prices have edged up amid relatively low inventory level, which have dropped to the lowest level in the current year to around 105 million mt. Meanwhile, coke prices have increased in several rounds, also affecting the iron ore market. Chinese steelmakers’ profitability has worsened against this background, and so mills will likely reduce production in the coming period. As for the coming week, the iron ore arriving at ports is likely to increase, while more steelmakers will implement maintenance works, which will weaken the demand for iron ore. It is thought that import iron ore prices may edge down in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have risen by 0.4 percent to RMB 871.5/mt ($121.4/mt) compared to the previous trading day (October 18), while increasing by RMB 34.5/mt ($4.8/mt) compared to October 12.
As of Thursday, October 19, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,644/mt ($510/mt), increasing by RMB 17/mt ($2.4/mt) or up 0.5 percent since October 12, while rising by 0.28 percent compared to the previous trading day (October 18).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
1,122 |
-5 |
156.3 |
-0.7 |
|
Yandi fines |
58/59 |
900 |
+10 |
125.3 |
+1.4 |
|
PB Fines |
62 |
929 |
+13 |
129.4 |
+1.8 |
|
PB iron ore lump |
62/63 |
1,134 |
+1 |
157.9 |
+0.1 |
|
Brazil fines |
63 |
944 |
+13 |
131.5 |
+1.8 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
990 |
+16 |
138 |
+2 |
|
Beipiao |
938 |
+11 |
131 |
+1 |
Price includes VAT.
$1 = RMB 7.1795