Import iron ore prices in China have seen increases today, Thursday, November 21, while iron ore futures prices have risen by 2.8 percent compared to November 14 amid hopes that further economic stimuli will be announced in December.
Iron ore fines with 62 percent Fe content have indicated a rise of $0.95/mt on November 21 to $102.3/mt CFR. This level is $3.6/mt above that seen on November 14. Brazilian iron ore with 65 percent Fe has increased by $0.85/mt on November 21 to $117.5/mt CFR, while up $3.45/mt week on week, SteelOrbis has learned.
19 deals for a total of 325,300 mt of iron ore have been transacted at the Corex platform on November 21. In particular, 80,000 mt of 62.2 percent Newman blended lumps has been sold at the December index + $0.14/mt, for shipment during December 21-30. Also, two deals for 31,280 mt and 21,550 mt of 62.98 percent BRBF fines have been signed at RMB 795/mt ($110.6/mt), for delivery at Dongjiakou port.
During the given week, import iron ore prices have moved up amid rising iron ore futures prices. Both supply and demand have increased in the given period. Inventory of iron ore has been at a relatively high level, which will exert pressure on prices. As for the coming week, iron ore shipments will decrease, while molten iron output will also see slight declines. “A further fiscal stimulus will be announced at an important meeting in December, so sentiment is supported by expectations,” a Chinese trader said.
It is expected that import iron ore prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have increased by 0.39 percent today to RMB 777.5/mt ($108.1/mt) compared to the previous trading day, November 20, while increasing by RMB 21.5/mt ($3.0/mt) compared to November 14.
As of November 21, rebar futures at Shanghai Futures Exchange are standing at RMB 3,332/mt ($463/mt), increasing by RMB 19/mt ($2.6/mt) or 0.6 percent since November 14, while up 0.51 percent compared to the previous trading day, November 20.
Imported iron ore prices in China (week-on-week basis)
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
Newman iron ore lump |
63/63.5 |
878 |
12 |
122.1 |
1.7 |
Yandi fines |
58 / 59 |
726 |
8 |
100.9 |
1.2 |
PB Fines |
62 |
766 |
8 |
106.5 |
1.2 |
PB iron ore lump |
62/63 |
875 |
7 |
121.6 |
1.0 |
Brazil fines |
63 |
773 |
8 |
107.5 |
1.2 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
Tangshan |
878 |
11 |
122 |
2 |
Beipiao |
825 |
11 |
115 |
2 |
Price includes VAT.
$1 = RMB 7.1934