Import iron ore prices in China have moved up on both daily and weekly basis on September 23 after the previous sharp fall, when prices have dropped to below $100/mt CFR.
Iron ore fines with 62 percent Fe content have edged up by $2.3/mt compared to September 22, to $107.8/mt CFR. This level is $3.7/mt above that seen a week ago on September 16. Brazilian iron ore with 65 percent Fe has moved up more visibly - by $3.9/mt on September 23 compared to September 22, to $133.5/mt CFR, but up only $1/mt week on week, SteelOrbis has learned.
On September 16, a deal for 110,000 mt of 60.8 percent Mac fines was done at October index -$1.0/mt with the shipment period during October 26 to November 4. In addition, 100,000 mt of Jumblebar fines with Fe content of 58 percent were traded at November index -$18/mt. Also, 170,000 mt of the highest grade ex-Brazil 65 percent Fe fines have changed hands at November index +$3.9/mt. Also at least five deals from ports have been done at Corex platform today.
At the same time, prices at ports and for the local iron ore in China have been still showing some decline compared to the previous week, signaling still reduced demand for the raw material.
During the given week, the typhoon affected the delivery of import iron ore, supporting prices. Demand after the holiday has improved slightly, though the continuing production restrictions in China exerted a negative impact on expectations. The inventory of iron ore may see increases in the near future, which will weaken the support to its prices.
Iron ore futures prices at Dalian Commodity Exchange (main contract i2201) have moved up by 3.89 percent today, coming to RMB 667/mt ($103.1/mt) compared to September 22, while decreased by RMB 3.5/mt ($0.54/mt) or 0.52 percent compared to September 16.
As of Thursday, September 23, rebar futures at the Shanghai Futures Exchange are standing at RMB 5,605/mt ($866.3/mt), increasing by RMB 64/mt ($9.9/mt) or 1.15 percent since September 16, while increasing by 1.32 percent compared to the previous trading day (September 22).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
875 |
-153 |
135.1 |
-24.7 |
|
Yandi fines |
58 / 59 |
630 |
-170 |
97.3 |
-27.1 |
|
PB Fines |
62 |
727 |
-137 |
112.3 |
-22.0 |
|
PB iron ore lump |
62/63 |
863 |
-165 |
133.3 |
-26.5 |
|
Brazil fines |
63 |
805 |
-179 |
124.3 |
-28.6 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
918 |
-261 |
142 |
-41 |
|
Beipiao |
899 |
-197 |
139 |
-32 |
Price includes VAT.
$1 = RMB 6.4749