Iron ore prices increase but slowly  

Today, March 9, import iron ore prices in China have moved up compared to yesterday and on week-on-week basis amid stable demand and increasing futures prices, though the rises in the market have been conservative as steel consumption has not posted any strong improvement yet.    

Iron ore fines with 62 percent Fe content have edged up by $0.35/mt today to $128.5/mt CFR. This level is $1.4/mt above that seen a week ago. Brazilian iron ore with 65 percent Fe has indicated a rise of $0.3 /mt on March 9 to $143.15/mt CFR, while up $1.55/mt week on week, SteelOrbis has learned.  

On March 9, a deal for 80,000 mt of newsman fines with 62 percent Fe has been signed at $128.55/mt CFR.   

During the given week, shipments of iron ore have risen slightly, while deliveries at ports have moved down further. Stimulus policies issued by the Chinese government during the two sessions meetings have exerted a positive impact on market sentiment, while the average daily steel output has basically remained stable compared to the previous week, and will likely increase in the near future and bolster the iron ore market. It is expected that import iron ore prices may move on an upward trend in the coming week.   

Iron ore futures prices at Dalian Commodity Exchange have edged up by 0.44 percent to RMB 916.5/mt ($131.5/mt) compared to March 2, while increasing by 0.6 percent compared to March 8.   

As of Thursday, March 9, rebar futures at the Shanghai Futures Exchange are standing at RMB 4,313/mt ($619/mt), rising by RMB 88/mt ($12.6/mt) or up 2.1 percent since March 2, while rising by 1.46 percent compared to the previous trading day (March 8).  

Imported iron ore prices in China (week-on-week basis)  

Price includes VAT.    

Nationwide iron ore concentrate prices (66 percent Fe)  

Price includes VAT.  

$1 = RMB 6.9666