Import iron ore prices in China have been fluctuating in a limited range with a slight positive bias over the past week, though iron ore inventories at Chinese ports have been on rise, and so the space for a further increase is limited.
Iron ore fines with 62 percent Fe content have indicated a rise of $1.55/mt on November 7 to $105.85/mt CFR. This level is $2.15/mt above that seen on October 31. Brazilian iron ore with 65 percent Fe has risen by $1.5/mt on November 7 to $121.6/mt CFR, while up $2.55/mt week on week, SteelOrbis has learned.
15 deals for a total of 104,700 mt of iron ore were transacted on the Corex platform on November 7, including 16,191 mt of 62.83 percent BRBF fines at RMB 790/mt ($110.3/mt), for delivery to Dongjiakou port.
During the given week, import iron ore prices have fluctuated within a limited range. The deliveries of import iron ore have increased in the past week, while production of molten iron shifted from upward movement to a decline, exerting a negative impact on iron ore prices. The inventories of iron ore at ports have increased again, being at relatively high levels over the past three years, while inventory is anticipated to continue its increasing trend in the coming period. It is expected that import iron ore prices in the Chinese market will likely fluctuate within a limited range in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have increased by 2.11 percent today to RMB 799.5/mt ($111.6/mt) compared to the previous trading day, November 6, while increasing by RMB 18/mt ($2.5/mt) compared to October 31.
As of November 7, rebar futures at Shanghai Futures Exchange are standing at RMB 3,436/mt ($481/mt), increasing by RMB 9/mt ($1.3/mt) or 0.3 percent since October 31, while up 1.03 percent compared to the previous trading day, November 6.
Imported iron ore prices in China (week-on-week basis)
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
Newman iron ore lump |
63/63.5 |
888 |
2 |
123.9 |
-0.4 |
Yandi fines |
58 / 59 |
733 |
3 |
102.3 |
-0.2 |
PB Fines |
62 |
775 |
5 |
108.1 |
0.1 |
PB iron ore lump |
62/63 |
890 |
1 |
124.2 |
-0.6 |
Brazil fines |
63 |
780 |
4 |
108.8 |
-0.1 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
Place of origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
Tangshan |
870 |
-6 |
121 |
-2 |
Beipiao |
814 |
-11 |
114 |
-2 |
Price includes VAT.
$1 = RMB 7.1659