Iron ore prices in China have posted small gains over the past week, even though demand has softened, following announcements of maintenance works in December.
On November 20, the price for ex-Australia iron ore fines with 62 percent Fe content has increased by a very small margin of $0.15/mt from the previous day to $106.7/mt CFR, while rising by $2.55/mt week on week. Ex-Brazil fines with 65 percent Fe content are at $119.1/mt CFR, up $0.1/mt from the previous day and up $2.2/mt over the past week.
22 deals totaling 346,600 mt of iron ore have been signed at the Corex platform on November 27. In particular, 15,000 mt of 60.17 percent Fe Mac fines were transacted at RMB 788/mt ($111.3/mt), for delivery at Tianjin port, and 10,000 mt of 63.49 percent Fe fines were transacted at RMB 815/mt ($114.8/mt), for delivery at other ports.
On November 27, Corex’s Iron Ore Portside Index (61% Fe Qingdao) and Iron Ore Portside Index (61% Fe Caofeidian) stand at RMB 797/wmt and RMB 805/wmt, with USD/dmt equivalents standing at $105.01 and $105.74.
During the given week, import iron ore prices in the Chinese market have fluctuated within a limited range but with a positive bias. Delivery of iron ore has decreased in the given period, bolstering prices from the supply side. However, demand for iron ore has also slackened, weakening the support for prices. Finished steel prices have edged up in the given week, performing better than expected, especially in the traditional offseason. Molten iron output may move sideways in the coming week, which might affect iron ore prices. It is thought that import iron ore prices will likely continue to fluctuate within a limited range in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have increased by 0.44 percent today to RMB 799.5/mt ($112.6/mt) compared to the previous trading day, November 26, while increasing by 1.4 percent compared to November 20.
As of November 27, rebar futures at Shanghai Futures Exchange are standing at RMB 3,093/mt ($436/mt), increasing by RMB 43/mt ($6.1/mt) or 1.4 percent since November 20, while down 0.13 percent compared to the previous trading day, November 26.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 869 | -3 | 122.8 | -0.2 |
| Yandi fines | 58 / 59 | 782 | 5 | 110.5 | 0.9 |
| PB Fines | 62 | 796 | 5 | 112.5 | 0.9 |
| PB iron ore lump | 62/63 | 873 | -6 | 123.3 | -0.6 |
| Brazil fines | 63 | 836 | 2 | 118.1 | 0.5 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 913 | -5 | 129 | 0 |
| Beipiao | 853 | 5 | 121 | 1 |
Price includes VAT.
$1 = RMB 7.0779