Iron ore prices in China down week on week amid low demand, up on Jan 9

Import iron ore prices in China have seen increases today, Thursday, January 9, while posting a decline over the past week, fluctuating below the $100/mt CFR mark due to weak demand, rising inventories and negative sentiment in the steel segment.

Iron ore fines with 62 percent Fe content have indicated a rise of $0.9/mt on January 9 to $97.25/mt CFR. However, this level is $3.6/mt below that on January 2. Brazilian iron ore with 65 percent Fe has increased by $1/mt on January 9 to $111.8/mt CFR, while down $2.8/mt week on week, SteelOrbis has learned.

30 deals for a total of 478,300 mt of iron ore have been done at the Corex platform on January 9. In particular, 170,000 mt of 62 percent BRBF fines have been transacted at $97.75/mt CFR for shipment during February 10-19.

During the given week, import iron ore prices in the Chinese domestic market have edged down as the inventory of rebar has increase, after previous decreases. Demand for iron ore has slackened, weakening the support for ore prices. At the same time, inventory of iron ore at ports has seen slight rises, also exerting a negative impact on prices. It is thought that the downward trend will continue in the coming week.

Iron ore futures prices at Dalian Commodity Exchange have increased by 0.53 percent today at RMB 754.5/mt ($105/mt) compared to the previous trading day, January 9, while decreasing by RMB 27.5/mt ($3.8/mt) compared to January 2.

As of January 9, rebar futures at Shanghai Futures Exchange are standing at RMB 3,205/mt ($446/mt), decreasing by RMB 101/mt ($14/mt) since January 2, while down 0.65 percent compared to the previous trading day, January 8.

Imported iron ore prices in China (week-on-week basis)

Price includes VAT.  

Nationwide iron ore concentrate prices (66 percent Fe)

Price includes VAT. 

$1 = RMB 7.1886