Iron ore prices in China have seen decreases in the past week amid a slowdown in demand and still rather high supply, though prices have indicated a small increase compared to yesterday, November 5.
Today, November 6, the price for ex-Australia iron ore fines with 62 percent Fe content has settled at $104.1/mt CFR, up by $0.35/mt from the previous day, but down by $2.7/mt over the past week. Ex-Brazil fines with 65 percent Fe content have been priced at $118.4/mt CFR, increasing by $0.3/mt from the previous day, but again declining by $2.8/mt compared to last week.
13 deals totaling 194,200 mt of iron ore have been signed at the Corex platform on November 6. In particular, 40,000 mt of 61.11 percent Fe PB fines were transacted at RMB 781/mt ($110/mt), for delivery at Rizhao port, while 7,440 mt of 55.4 percent Fe PB fines were transacted at RMB 610/mt ($85.9/mt), for delivery at Tianjin port.
On November 6, the Iron Ore Portside Index (61% Fe Qingdao) and the Iron Ore Portside Index (61% Fe Caofeidian) at Corex were at RMB 782/wmt and RMB 790/wmt, with the US dollar equivalents standing at $102.4/mt and $103.14/mt, respectively.
During the given week, iron ore prices in the Chinese market have edged down amid increasing supply and slackening demand. The molten iron output in China has decreased as some steel mills implemented maintenance works, which weakened the support for iron ore prices. It is thought that iron ore prices may edge down further in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have increased by 0.65 percent today to RMB 777.5/mt ($109.5/mt) compared to the previous trading day, November 5, while decreasing by 3.1 percent compared to October 23.
As of November 6, rebar futures at Shanghai Futures Exchange are standing at RMB 3,037/mt ($428/mt), decreasing by RMB 69/mt ($9.7/mt) or 2.2 percent since October 30, while up 0.4 percent compared to the previous trading day, November 5.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 886 | -29 | 125.0 | -4.1 |
| Yandi fines | 58/59 | 766 | -25 | 108.1 | -3.5 |
| PB Fines | 62 | 780 | -25 | 110.1 | -3.5 |
| PB iron ore lump | 62/63 | 889 | -31 | 125.5 | -4.4 |
| Brazil fines | 63 | 819 | -24 | 115.6 | -3.4 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price (RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price ($/mt) | Change ($/mt) |
| Tangshan | 907 | -28 | 128 | -4 |
| Beipiao | 859 | 0 | 121 | 0 |
Price includes VAT.
$1 = RMB 7.0865