Iron ore prices in China have edged down slightly over the past week as futures prices have declined and demand has been insufficient.
Iron ore fines with 62 percent Fe content are at $100.8/mt CFR today, June 18, posting a tiny increase by $0.1/mt from the previous day, but the level is down $2.15/mt over the past week. At the same time, prices of fines with 65 percent Fe content are at $115.7/mt CFR, improving by $0.6/mt from yesterday, while down $1.2/mt compared to last week.
38 deals totaling 774,600 mt of iron ore have been signed at the Corex platform on June 18. In particular, 170,000 mt of 65 percent Fe Carajas fines were sold at $115.7/mt CFR for delivery on June 14, while 110,000 mt of 60.5 percent Fe Mac fines were transacted at RMB $97.7/mt CFR for shipment during July 6-15.
On June 18, the Corex Iron Ore Portside Index (61% Fe Qingdao) and the Iron Ore Portside Index (61% Fe Caofeidian) stand at RMB 709/wmt and RMB 718/wmt, with the USD/dmt equivalents standing at $97.26 and $97.84.
During the given week, import iron ore prices have declined as the increase in molten iron output fell short of expectations. Recently, demand for finished steel from downstream users has been slack, weakening the support for iron ore prices. Deliveries of iron ore in the global market have increased in the given week, resulting in increasing iron ore supplies arriving at Chinese ports, exerting a negative impact on prices. Since the Dragon Boat Festival (June 19-21) is approaching, molten iron output is expected to decrease in the near future, which will reduce demand for iron ore. It is expected that iron ore prices in the Chinese market will continue their downtrend in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have declined by 1.13 percent today to RMB 747/mt ($109.7/mt) compared to the previous trading day, June 17, while declining by 2.2 percent compared to June 11.
As of June 18, rebar futures at Shanghai Futures Exchange are standing at RMB 3,131/mt ($464/mt), decreasing by RMB 25/mt ($3.7/mt) or 0.8 percent since June 11, while down 0.95 percent compared to the previous trading day, June 17.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 897 | -12 | 131.7 | -1.7 |
| Yandi fines | 58/59 | 695 | -30 | 102.0 | -4.4 |
| PB Fines | 62 | 709 | -30 | 104.1 | -4.4 |
| PB iron ore lump | 62/63 | 903 | -20 | 132.5 | -2.9 |
| Brazil fines | 63 | 776 | -40 | 113.9 | -5.8 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 879 | -5 | 129 | -1 |
| Beipiao | 842 | -6 | 124 | -1 |
Price includes VAT.
$1 = RMB 6.813
