Iron ore prices in China have seen decreases over the past week due to imbalance in supply and demand, with inventories at ports rising and poor demand likely to persist, exerting further pressure on prices.
Prices for iron ore fines with 62 percent Fe content have settled at $98.95/mt CFR, losing $0.85/mt compared to yesterday and down $1.85/mt over the past week. At the same time, prices of fines with 65 percent Fe content have lost $0.95/mt from the previous day and $1.7/mt over the past week to $114/mt CFR.
45 deals totaling 569,700 mt of iron ore have been signed at the Corex platform on June 25. In particular, 100,000 mt of 56.64 percent Fe fines were sold at RMB 569/mt ($83.4/mt), for delivery at Dongjiakou port, while 30,000 mt of 56.22 percent Fe FMG ultra fines were transacted at RMB 580/mt ($85.04/mt), for delivery at Beilun port.
On June 25, Corex’s Iron Ore Portside Index (61% Fe Qingdao) and Iron Ore Portside Index (61% Fe Caofeidian) are at RMB 698/wmt and RMB 707/wmt, with the USD/dmt equivalents standing at $95.27 and $95.85.
During the given week, import iron ore prices have edged down amid rising supply, which has resulted in relatively high inventories at ports. Traders have been willing to sell, even at lower prices. Meanwhile, the poor performance of the finished steel market due to the widespread rainy weather has exerted a negative impact on the demand for iron ore. As of today, June 25, the rain in eastern China has temporarily subsided, but the widespread heavy rain is expected to return within a few days, which will negatively affect the steel market. It is thought that iron ore prices in the Chinese market will soften further in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have declined by 1.08 percent today to RMB 735/mt ($107.8/mt) compared to the previous trading day, June 24, while declining by 1.6 percent compared to June 18.
As of June 25, rebar futures at Shanghai Futures Exchange are standing at RMB 3,098/mt ($454/mt), decreasing by RMB 33/mt ($4.8/mt) or 1.05 percent since June 18, while down 0.45 percent compared to the previous trading day, June 24.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 873 | -24 | 128.0 | -3.7 |
| Yandi fines | 58/59 | 692 | -3 | 101.5 | -0.6 |
| PB Fines | 62 | 706 | -3 | 103.5 | -0.6 |
| PB iron ore lump | 62/63 | 883 | -20 | 129.5 | -3.1 |
| Brazil fines | 63 | 767 | -9 | 112.4 | -1.5 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 878 | -1 | 129 | 0 |
| Beipiao | 842 | 0 | 123 | 0 |
Price includes VAT.
$1 = RMB 6.8209
