Import iron ore prices in China have seen slight decreases today, Thursday, November 28, but have been still fluctuating above $100/mt CFR market and have posted a slight rise from last week amid high steel production, which is not expected to be fall significantly in December.
Iron ore fines with 62 percent Fe content have indicated a drop of $0.15/mt on November 28 to $104/mt CFR. This level is $1.7/mt above that seen on November 21. Brazilian iron ore with 65 percent Fe has decreased by $0.1/mt on November 28 to $118.8/mt CFR, while rising by $1.3/mt week on week, SteelOrbis has learned.
11 deals for a total of 324,200 mt of iron ore have been transacted at the Corex platform on November 28. In particular, 170,000 mt of 61 percent PB fines have been sold at $102.85/mt CFR for shipment during December 29, 2024-January 7, 2025, while 90,000 mt of 60.6 percent Mac fines have been transacted at $100/mt CFR for shipment during December 21-30.
During the given week, import iron ore prices in the Chinese domestic market have edged up amid relatively high molten iron production. Meanwhile, iron ore futures prices have seen some rises in the given week, exerting a positive impact on market sentiments. Currently, inventory of iron ore on the steelmakers’ side is at low levels and so they may build up stocks in the near future, which will bolster prices to a certain degree. But it is thought that import iron ore prices in the Chinese domestic market will likely follow a fluctuating trend within a limited range in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have remained stable today at RMB 786/mt ($109.3/mt) compared to the previous trading day, November 27, while increasing by RMB 8.5/mt ($1.2/mt) compared to November 21.
As of November 28, rebar futures at Shanghai Futures Exchange are standing at RMB 3,312/mt ($460/mt), decreasing by RMB 20/mt ($2.8/mt) or 0.6 percent since November 21, while up 0.42 percent compared to the previous trading day, November 27.
Imported iron ore prices in China (week-on-week basis)
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
Newman iron ore lump |
63/63.5 |
889 |
+11 |
123.7 |
+1.6 |
Yandi fines |
58/59 |
740 |
+14 |
102.9 |
+2.0 |
PB Fines |
62 |
780 |
+14 |
108.5 |
+2.0 |
PB iron ore lump |
62/63 |
884 |
+9 |
123.0 |
+1.3 |
Brazil fines |
63 |
787 |
+14 |
109.5 |
+2.0 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
Place of origin |
Market price (RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
Tangshan |
873 |
-5 |
121 |
-1 |
Beipiao |
819 |
-6 |
114 |
-1 |
Price includes VAT.
$1 = RMB 7.1894