Iron ore prices in China have risen over the past week, though gradually and not very sustainable, with some declines seen on a daily basis.
The price for iron ore fines with 62 percent Fe content has been at $101.55/mt CFR, down by $0.4/mt from yesterday, but up by $1.25/mt over the past week. At the same time, prices of fines with 65 percent Fe content have lost $0.3/mt today, July 16, to $115.35/mt CFR. And this level is $1.35/mt higher than that a week ago.
32 deals totaling 461,700 mt of iron ore have been signed at the Corex platform on July 16. In particular, 30,000 mt of 60.56 percent Fe fines reached RMB 720/mt ($106/mt), for delivery at Huanghua port, 20,000 mt of 60.87 percent Fe Jimblebar blended fines were transacted at RMB 685/mt ($100.9/mt), for delivery at Caofeidian port, and 17,200 mt of 64.81 percent Fe fines were sold at RMB 862/mt ($127/mt), for delivery at Tianjin port.
On July 16, Iron Ore Portside Index (61% Fe Qingdao) and Iron Ore Portside Index (61% Fe Caofeidian) are at RMB 708/wmt and RMB 720/wmt, with the US$/dmt equivalents standing at $97.14 and $98.15.
During the given week, import iron ore prices have edged up slightly amid the declining volumes arriving at ports. However, molten iron outputs have decreased from high levels as some steelmakers have cut their outputs amid losses, exerting downward pressures on iron ore prices. The delivery of seaborne iron ore is anticipated to decrease, likely leading to declining iron ore volumes arriving at ports, which will bolster prices to a certain degree. But given the high temperatures in eastern China, demand for steel will be sluggish, which will exert a negative impact on the demand for iron ore. It is expected that iron ore prices in the Chinese market will fluctuate within a narrow range with a mild downward bias.
Iron ore futures prices at Dalian Commodity Exchange have remained stable today to RMB 759.5/mt ($111.9/mt) compared to the previous trading day, July 15, while rising by 1.9 percent compared to July 9.
As of July 16, rebar futures at Shanghai Futures Exchange are standing at RMB 3,115/mt ($459/mt), increasing by RMB 24/mt ($3.5/mt) or 0.8 percent since July 9, while up 0.26 percent compared to the previous trading day, July 15.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 893 | 12 | 131.5 | 2.0 |
| Yandi fines | 58 / 59 | 694 | 6 | 102.2 | 1.1 |
| PB Fines | 62 | 708 | 6 | 104.3 | 1.1 |
| PB iron ore lump | 62/63 | 905 | 7 | 133.3 | 1.3 |
| Brazil fines | 63 | 769 | 7 | 113.2 | 1.2 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 884 | 6 | 130 | 1 |
| Beipiao | 842 | 0 | 124 | 0 |
Price includes VAT.
$1 = RMB 6.7909
