Iron ore prices have moved up today, May 28, compared to the previous day, though they are still slightly lower than last week. Transaction activity has been at a decent level and futures prices have resumed their rising trend, bolstering iron ore prices.
Iron ore fines with 62 percent Fe content have moved up by $1.6/mt today to $96.8/mt CFR, while Brazilian iron ore with 65 percent Fe has increased by $1/mt to $112.9/mt CFR, SteelOrbis has learned.
A deal for 90,000 mt of 62.4 percent Fe Newman fines has been concluded at $97.1/mt CFR for shipment during June 13-22. A contract for 10,000 mt of 57.21 percent Fe fines has been concluded at RMB 520/mt ($73/mt) at Tianjin port.
During the given week, blast furnace capacity utilization rates and steel outputs of Chinese steelmakers have edged up, exerting a positive impact on demand for iron ore. Following the National People’s Congress (NPC) and the Chinese People’s Political Consultative Conference (CPPCC), steel output will likely increase further, which will bolster iron ore prices. Though iron ore shipments have increased, inventories on the steelmakers’ side are at relatively low levels, which has also positively affected prices.
Iron ore futures prices at Dalian Commodity Exchange have edged up by 2.01 percent today, coming to RMB 710.5/mt ($99.6/mt) compared to May 27, while decreasing by 1.6 percent compared to May 21.
On Thursday, rebar futures at Shanghai Future Exchange have decreased by RMB 70/mt ($9.8/mt) or 2.0 percent to RMB 3,498/mt ($490.6/mt) since May 21, while increasing by 0.37 percent compared to the previous trading day.
Imported iron ore prices in China (week-on-week basis)
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
Newman iron ore lump |
63/63.5 |
840 |
-1 |
117.8 |
-0.8 |
Yandi fines |
58 / 59 |
643 |
13 |
90.2 |
1.3 |
PB Fines |
62 |
721 |
0 |
101.2 |
-0.6 |
PB iron ore lump |
62/63 |
836 |
-1 |
117.3 |
-0.8 |
Brazil fines |
63 |
791 |
-4 |
111.0 |
-1.2 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
Place of origin |
Market price (RMB/mt, Incl. VAT) |
Change |
Price($/mt) |
Change |
Tangshan |
765 |
9 |
107 |
1 |
Beipiao |
690 |
0 |
97 |
-1 |
Price includes VAT.
$1 = RMB 7.1277