Iron ore prices in China have edged down over the past week due to declines in futures prices, rather weak demand and accumulated inventories which are more than enough for the long holiday.
On February 12, the price for ex-Australia iron ore fines with 62 percent Fe content settled at $102/mt CFR, down by $0.3/mt from the previous day and down $0.75/mt over the past week. Also, the price for fines with 65 percent Fe content is at $116.6/mt CFR, declining by $0.2/mt from yesterday, but up by $0.4/mt from last week.
Five deals totaling 246,600 mt of iron ore have been signed at the Corex platform on February 12. In particular, 50,000 mt of 63.69 percent Fe PFC1 were transacted at RMB 745/mt ($107.2/mt), for delivery at Lianyungang port, while 20,000 mt of 63.37 percent Fe PFC1 were sold at RMB 745/mt ($107.2/mt), for delivery at Dongjiakou port.
On February 12, Corex’s Iron Ore Portside Index (61% Fe Qingdao) and Iron Ore Portside Index (61% Fe Caofeidian) stand at RMB 765/wmt and RMB 779/wmt, with the USD/dmt equivalents standing at $103.27 and $104.86.
Import fines prices have fluctuated within a limited range with a negative bias, while lump prices have remained resilient. Ferrous metal futures prices have decreased, weakening the support for spot iron ore prices. Inventories of iron ore have accumulated, while this trend may continue as the Chinese New Year holiday is approaching. It is thought that import iron ore prices in the Chinese market will edge down slightly before the start of the long holiday.
Iron ore futures prices at Dalian Commodity Exchange have declined by 0.2 percent today to RMB 762/mt ($109.6/mt) compared to the previous trading day, February 11, while decreasing by 0.85 percent compared to February 5.
As of February 12, rebar futures at Shanghai Futures Exchange are standing at RMB 3,050/mt ($439/mt), decreasing by RMB 51/mt ($7.3/mt) or 1.6 percent since February 5, while down 0.23 percent compared to the previous trading day, February 11.
Imported iron ore prices in China (week-on-week basis)
| Product name | Iron Content |
Truck loaded price (RMB/mt) |
Change (RMB/mt) |
Price ($/mt) |
Change ($/mt) |
| Newman iron ore lump | 63/63.5 | 859 | 19 | 123.7 | 2.9 |
| Yandi fines | 58 / 59 | 753 | -8 | 108.4 | -1.0 |
| PB Fines | 62 | 767 | -8 | 110.4 | -1.0 |
| PB iron ore lump | 62/63 | 852 | 11 | 122.7 | 1.8 |
| Brazil fines | 63 | 784 | -20 | 112.9 | -2.7 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
| Place of origin | Market price （RMB/mt, Incl. VAT) | Change (RMB/mt) |
Price（$/mt) | Change ($/mt) |
| Tangshan | 867 | -5 | 125 | -1 |
| Beipiao | 853 | 0 | 123 | 0 |
Price includes VAT.
$1 = RMB 6.9457