Iron ore prices have edged up slightly on April 9 compared both to the previous day and a week ago, owing to an increase in futures prices and improvement in demand for steel in the local Chinese market, which is reflected in firm demand for the raw material. Iron ore fines with 62 percent Fe content have edged up by $0.4/mt today to $83.2/mt CFR, while Brazilian iron ore with 65 percent Fe has gained $0.6/mt to $99.3/mt CFR, SteelOrbis has learned.
A deal for 80,000 mt of 60.8 percent Mac fines has been concluded on April 9 at the May index with a $0.95/mt discount.
During the given week, most Chinese domestic miners and dressing plants have resumed production, increasing the supply of fines, exerting a negative impact on Chinese domestic production iron ore prices. Steelmakers’ capacity utilization rates for blast furnaces have increased slightly, and so they have been active in concluding purchases of import iron ore. Meanwhile, iron ore traders’ inventories have decreased, while deliveries of import iron ore will likely decrease in the future due to the coronavirus pandemic worldwide impacting shipments, which in turn will bolster import iron ore prices.
Iron ore futures prices at Dalian Commodity Exchange have edged up by 3.28 percent today coming to RMB 597.5/mt ($84.7/mt), compared to April 8, while they have gained 3.5 percent compared to April 2.
Chinese major steelmaker Ma’anshan Iron and Steel has raised its offer prices for rebar, high-speed wire rod and bar-in-coil by RMB 20/mt on April 9, signaling its optimistic view of the future prospects for the steel market.
As of April 9, rebar futures at Shanghai Future Exchange have increased by RMB 77/mt ($10.9/mt) or 2.4 percent to RMB 3,306/mt ($468.7/mt) compared to April 2, while rising by 2.45 percent compared to the previous trading day.
Imported iron ore prices in China (week-on-week basis)
|
Product Name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
840 |
11 |
+119.1 |
+2.3 |
|
Yandi fines |
58 / 59 |
572 |
3 |
+81.1 |
+0.9 |
|
PB Fines |
62 |
643 |
24 |
+91.2 |
+4.0 |
|
PB iron ore lump |
62/63 |
840 |
13 |
+119.1 |
+2.6 |
|
Brazil fines |
63 |
690 |
23 |
+97.8 |
+3.9 |
Price Includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of Origin |
Market price （RMB/mt, Incl. VAT) |
Change |
Price（$/mt) |
Change |
|
Tangshan |
688 |
-36 |
98 |
-4 |
|
Beipiao |
678 |
0 |
96 |
+1 |
Price Includes VAT.
$1 = RMB 7.0536