Import iron ore prices in China have moved up today, Thursday, December 8, while they have also indicated increases compared to last week amid much better sentiments, improved buying and better profitability after rise in steel prices.
Iron ore fines with 62 percent Fe content have risen by $3.05/mt today to $110.55/mt CFR. This level is $7.45/mt above that seen a week ago. Brazilian iron ore with 65 percent Fe has indicated rises of $2.8/mt on December 8 to $122.4/mt CFR, up $6.15/mt week on week, SteelOrbis has learned.
On December 8, two deals of 90,000 mt of 60.8 percent Mac fines each have been heard at $105.4/mt CFR and $105.6/mt CFR, with shipment during January. Also, a contract for 90,000 mt of Brazilian blended fines with lower alumina Fe 62 percent was done at $112/mt CFR.
During the given week, import iron ore prices in the Chinese market have continued their uptrend amid the issuance of stimulus policies for the real estate industry. Ferrous metal futures prices have moved up, exerting a positive impact on iron ore prices. At the same time, stock replenishment ahead of the Chinese New Year holiday will provide solid support for import iron ore prices. However, following two rounds of rises in coke prices, steelmakers may be facing limited profits again and they could be unwilling to increase production, which may impact demand for iron ore. It is thought that import iron ore prices may fluctuate within a limited range at current high levels in the coming week.
Iron ore futures prices at Dalian Commodity Exchange have moved up 1.41 percent to RMB 790/mt ($113.5/mt) compared to December 7, while increasing by 3.1 percent compared to December 1.
As of Thursday, December 8, rebar futures at the Shanghai Futures Exchange are standing at RMB 3,839/mt ($552/mt), rising by RMB 87/mt ($12.5/mt) or up 2.3 percent since December 1, while increasing by 0.76 percent compared to the previous trading day (December 7).
Imported iron ore prices in China (week-on-week basis)
|
Product name |
Iron |
Truck loaded price |
Change |
Price |
Change |
|
Newman iron ore lump |
63/63.5 |
902 |
+27 |
129.6 |
+6.7 |
|
Yandi fines |
58/59 |
690 |
+26 |
99.1 |
+5.9 |
|
PB Fines |
62 |
789 |
+22 |
113.3 |
+5.7 |
|
PB iron ore lump |
62/63 |
902 |
+24 |
129.6 |
+6.3 |
|
Brazil fines |
63 |
802 |
+22 |
115.2 |
+5.7 |
Price includes VAT.
Nationwide iron ore concentrate prices (66 percent Fe)
|
Place of origin |
Market price (RMB/mt, Incl. VAT) |
Change |
Price ($/mt) |
Change |
|
Tangshan |
862 |
+36 |
124 |
+8 |
|
Beipiao |
768 |
+33 |
110 |
+7 |
Price includes VAT.
$1 = RMB 6.9606